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TMI Blog2024 (10) TMI 225X X X X Extracts X X X X X X X X Extracts X X X X ..... l seized/freeze by respondent ED, till the completion of investigation. After the completion of investigation, prosecution complaint is already filed by respondent ED, wherein present appellant Bhawna Kirpal along with her other family members are arrayed as accused persons. Even otherwise, the aforesaid property is mentioned in the list of properties for the purpose of confiscation in case of conviction, in prosecution complaint case under PMLA. Therefore, the impugned order passed by Ld. Adjudicating Authority was just an interim order/step to protect the same, till the conclusion of trial. Therefore, the appellants are not agreed upon, hence, the present appeals are liable to be dismissed being devoid of any merits. However, seeing the f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Measuring 400.00 sq. yards at Par vela City, Ludhiana (Punjab) in the name of Mrs. Radhika Kirpal valued at FMV 84.00 lacs 2. Equitable Mortgage of vacant plot No. 26 measuring 110.00 sq. yards at par vela at FMV Rs. 29.70 lacs Ld. Counsel for the appellant firm submitted that the CC Account at Indian Overseas Bank having CC limit of 225.00 lakhs is in the name of M/s G B Creative Line which has been secured by giving the above two properties as collateral for the same, however, the said bank account is seized by respondent ED. He submitted that all the sale and purchase transactions of the appellant proprietorship concern are routed through the above two bank accounts which are reflected in their account statements and balance sheet of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es, etc. having value of Rs. 2,49,400/- as per Valuation Report dated 28.04.2017 and the same were seized as per Seizure Memo dated 28.04.2017. Ld. Counsel for the appellants further submitted that husband of appellant Shri Gaurav Kirpal, belongs to a business family where business is carried out following due procedure. The financial dealings of the companies are invariably carried out through banking channels. The books of accounts are prepared and audited as per law. The appellant also has been filing income tax returns regularly. The jewellery found in the possession of the appellant was given to her by her parents, parents in-law during her wedding of about 28.00 lacs. Jewellery (Istrian) worth Rs. 16.32 lakhs were found in the two sep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y properties out of the proceeds of crime and the bank accounts might have been used for money laundering. He further submitted that seized cash (both Indian currency foreign currency)/articles/vehicles/documents/properties and also the bank accounts frozen by the ED are relevant for the purposes of further scrutiny and investigation to trace the proceeds of crime and further investigation. Thus, the same are required to be retained. Prayer is accordingly made to dismiss the present appeals being devoid of any merits. 4.After hearing the rival submissions, we have given our thoughtful consideration to the same. The impugned retention order passed by the Ld. Adjudicating Authority to continue the seizing/ freezing of the documents and materi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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