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TMI Blog2025 (2) TMI 317X X X X Extracts X X X X X X X X Extracts X X X X ..... egistration of MSME by the Govt. of Tamil Nadu. The amount of Rs.112.27 Crores was remitted from the account of M/s Sunshine Global Importers. The starting point of the investigation should have been the bank accounts of the aforesaid company to find out as to from where a sum of Rs.112.27 Crores was deposited. It has to find out the source behind the deposit. However, instead of finding out the source to deposit Rs.112.27 Cores in the account of M/s Sunshine Global Importers, the appellant had tried to collect the evidence from the company from where the money was transmitted leaving the first point of investigation. Appellant even failed to make serious investigation to find out the person holding five companies in Hong Kong in whose accounts the remittance of Rs.112.27 Crores was made. It is despite expiry of long period and, in fact, this Tribunal had provided additional time to the appellant to complete the investigation. They could not complete the investigation though period for it was got curtailed on account of the order passed by the Division Bench of Delhi High Court preponing the date of hearing of the appeal with a direction that the appeal should be heard without a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bank, Chennai. The declared business of the firm SGI with Indusind Bank was Marketing Consultancy and with Yes Bank was export/import. The Current Accounts were opened for the firm SGI with evidence of Permanent Account Number (PAN) ASHPR0917J and Ration Card having Number 01/G/0151163. 2.3 The firm SGI during the period from December, 2012 to February, 2013 had received funds to the tune of Rs.58,00,72,330/- by way of RTGS and Rs. 26,45,86,100/- by way of cash deposits in the Bank Account being maintained at Kilpauk Branch of Indus Ind Bank. Further the firm SGI during the period from February, 2013 to March, 2014 received funds to the tune of Rs.29,97,55,103/- by way of NEFT in the Bank Account being maintained a Parrys Branch of Yes Bank, Chennai. 2.4 The firm never paid any taxes to the government either by way of payment towards Value Added Tax, Customs Duties, Transportation Charges, Miscellaneous expenses towards running the firm, salaries of the employee etc. However, the firm SGI made continuous payments towards advance import remittances to offshore entities located in United Arab Emirate (having bank account in Hong Kong) and Hong Kong. Thus, all the credits received ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies of the humongous loss to the exchequer in terms of loss of foreign exchange without any import of goods taken place. It is needless to say that the loss of foreign exchange in conspiracy to cause harm to the economic health of the country and taking the foreign exchange abroad with the purpose of accumulating the assets outside India defying the due process of law needed to be properly examined and thoroughly investigated. 2.9 The details of the beneficiaries of the Hong Kong companies were obtained from the public sources as available at the website of The Cyber Search Centre of the Integrated Companies Registry Information System (ICRIS) at URL https://www.icris.cr.gov.hk/csci/. The Annal Returns of four companies located in Hong Kong were downloaded. Further intelligence was gathered as to the beneficial owner of Shri Ramp International DMCC located in Dubai having Bank Account in Hong Kong is also an Indian. The names of the beneficial owners and amount received by them through the companies are as follows: - Sl. No. Name of Beneficiary Name and nationality of the Shareholder & Director S/Shri 1. M/s Splendid Masters Limited, HK Bharat Kumar, Indian National 2. M/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sowcarpet, Chennai. From email it is revealed that the beneficial owners of J G Group tried to apply for DIN 1 of Shri Ramesh Babu Srinivasan through Company Secretary Mrs Anchal Jain. The statements of Shri Vikram Ranka, Chartered Accountant, who was working for J G Group and statement of Mrs Anchal Jain, Company Secretary recorded under Section 37 of FEMA, 1999 would corroborate to the above findings with respect to applying the DIN1 for Shri Ramash Babu Srinivasan. Further, Shri Prakash Chand Purohit confirmed in his statement under Section 37 of FEMA, 1999 recorded on 24.11.2021 as well as 21.12.2021 that the email id [email protected] was being used for office purposes of J G Group. 2.12 From the investigation done, it is gathered that the beneficial owners of companies associated with J G Group, opened Current Accounts in the name of a fictitious firm namely M/s Sunshine Global Importers and remitted foreign exchange to the tune of Rs 112.27 crore to the five offshore entities mainly opened at their behest and the accounts of which are controlled by the beneficial owners of the companies associated with J G Group. 2.13 It is also gathered that the beneficial owners o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecord the material to show violation of Section 4 of the Act of 1999. In fact, recently the statement of Mrs. Sangeeta Jain was recorded but it could not be brought on record due to the reason that hearing of the appeal was preponed in the light of the order passed by the Division Bench of the Delhi High Court dated 24.10.2024 in the case of Mahesh Jain & Anr. v. Union of India & Anr. (WP (C) No. 14943/2024). In any case, the appellant would continue the investigation and complete it at the earliest. 4. The learned counsel further submitted that despite the material before the learned Commissioner, interference in the order of seizure under Section 39A of the Act of 1999 has been made. It is after ignoring the statement of Sawan Bohra, exemployee of the Company, who is having nexus with the respondents. The statement of other persons holding different companies in Hong Kong where the money was transmitted from India has also been ignored. If the statements of Sawan Bohra and Bharat Kumar are taken into consideration, they have shown their placement to Hong Kong and for that travel and other facilities were provided to them by the respondents, who belong to J G Group which may incl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... make an application for DIN 1 for him as the email dump of email id [email protected] was seized during the search. 8. It was all done at the instance of the respondents belonging to J.G. Group. In the light of the aforesaid, prayer was made to cause interference in the order. It is, however, with the prayer that if the impugned order is not set aside, it may be clarified that the order passed by the Tribunal would not affect the further investigation for passing of the necessary orders thereupon. 9. The appeal was seriously contested by the respondents on all the grounds urged by the appellant. It was submitted that a detailed speaking order has been passed by the Commissioner without any infirmity of law. Thus, it is not liable to be set aside. It was submitted that the appellant failed to collect the evidence against the respondents to make out a case in their favour. In fact, the seizure under Section 37A was made based on the presumption against the respondents having no link with remittance of Rs.112.27 Crores to five companies at Hong Kong. 10. It is submitted that the amount of Rs.112.27 Crores was transferred by M/s Sunshine Global Importers and not by the respond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t started at the instance of M/s Sunshine Global Importers said to have been managed by one Ramash Babu Srinivasan. The bank account in the name of the company was opened along with the Certificate of Importer Exporter Code, Service Tax Registration Certificate, Pan Card, E-tax Payment, etc. It was with 'Yes Bank' and even before the Indusind Bank where the account opening form application along with Pan Card was submitted for registration of MSME by the Govt. of Tamil Nadu. The amount of Rs.112.27 Crores was remitted from the account of M/s Sunshine Global Importers. The starting point of the investigation should have been the bank accounts of the aforesaid company to find out as to from where a sum of Rs.112.27 Crores was deposited. It has to find out the source behind the deposit. However, instead of finding out the source to deposit Rs.112.27 Cores in the account of M/s Sunshine Global Importers, the appellant had tried to collect the evidence from the company from where the money was transmitted leaving the first point of investigation. 18. The appellant even failed to make serious investigation to find out the person holding five companies in Hong Kong in whose accou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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