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IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD
M. SATYANARAYANA MURTHY, J.
M/s. Comfort Finacap Limited - Appellant
Vs.
The State of Telangana - Respondent
Crl.P Nos.7351, 7364, 7423, 7424, 7485, 7486, 7490, 7492, 7510, 7511, 7512, 7516, 7518, 7520, 7552, 7549, 7493 & 7559 of 2018
Decided On : 27-08-2018
ORDER :
M. SATYANARAYANA MURTHY, J.
1) All these petitions are filed by the 3rd parties in Crime No.248 of 2013 pending on the file of Economic Offences Wing (hereinafter referred as EOW),CID, Hyderabad.
2) The petitioners are the companies represented by the authorized signatories Mr.Anil Agrawal and others whose deposits were freezed by the Investigating Agency during investigation in the said Crime No.248 of 2013 for the offences punishable under Sections 406 , 420, 447, 385, 467, 468, 469, 471, 120B r/w 34 of IPC.
3) All the petitions are filed for the relief of quashing the order passed under Section 102 Cr.P.C freezing the bank accounts/demat accounts of the companies and individuals by the Investigating Officer.
4) In all the petitions, the accused and defacto complainant are one and the same, and the relief claimed is also the same. Therefore, I find it expedient to decide all the petitions by common order.
5) The details of the reliefs claimed by different persons are mentioned hereunder in a table:
| Sl. No . | Crl.P.Nos. | Parties | Relief |
| 1. | 7351 of 2018 | M/S.Comfort Fincap Ltd Anil Agrawal (Director) | To quash and set aside the proceeding dated 27.04.2017 for freezing of the Demat accounts bearing Nos:1205370000016984 and 1205370000039858 |
| 2. | 7364 of 2018 | M/s. First Financial Services Ltd. | To quash and set aside the proceedings dated 27.04.2017 for freezing of the Demat accounts bearing No.1205370000039877 and 1205370000015830 |
| 3. | 7423 of 2018 | M/s.Comfort Securities Ltd. Anil Agrawal (Director) | Quash and set aside the proceedings dated 27.04.2017 by 1st respondent freezing of demat accounts bearing Nos.1205370000002103 , 1205370000039843, 1205370000020061, 1205370000023645 and 1203660000032911 |
| 4. | 7424 of 2018 | M/s. Comfort Securities Ltd. Anil Agrawal (Director) | Quash and set aside the proceedings of 1st respondent dated 04.04.2017 4882/C- 9/EOW/CID/TS/2016 ii.freezing of bank account bearing No.910020039136606 |
| 5. | 7485 of 2018 | MM/s. Comfort Intech Ltd. Anil Agrawal (Director) | Quash and set aside the proceedings dated 27.04.2017 for freezing of demat account viz: Client ID No.10503314 |
| 6. | 7486 of 2018 | M/s.Comfort Intech Ltd. Anil Agrawal (Director) | Quash and set aside the proceedings dated 27.04.2017 for freezing of demat accounts by 1st respondent bearing Nos.1205370000039862 , 1205370000001585 and 1203660000024288 |
| 7. | 7490 of 2018 | Anil agarwal and Ankur Garwal | Quash and set aside the proceedings dated 27.04.2017 for freezing of demat accounts bearing No.1205370000000028, 1205370000000032 and 1205370000005805 |
| 8. | 7492 of 2018 | M/s. Comfort Intech Ltd. | Quash and set aside the order dated 02.02.2015 passed by 1st respondent for freezing of 23,66,000 shares lying in the demat account bearing No.1205370000001585 |
| 9. | 7510 of 2018 | M/s.First Financial Services Ltd. Anil Agrawal is closely connected | Quash and set aside the order dated 02.02.2015 for freezing of shares lying in demat account bearing No.12053700000158320 |
| 10 | 7511 of 2018 | M/s. Syncom Formulations India Ltd Anil Agrawal is share holder by SEBI investigation | To quash and set aside the proceedings dated 02.02.2015, for freezing of 511000 shares of the petitioner lying in demat account bearing No.1205370000015300 |
| 11. | 7512 of 2018 | M/s.Syncom Formulations India Ltd (Mr.Vijay S.Bankoda) Anil Agrawal Co.Comfort is share holder | Quash and set aside the proceedings dated 27.04.2017 for freezing of demat account vide Client ID.No.10503785 |
| 12 | 7516 of 2018 | M/s. Comfort Securities Ltd. Anil Agrawal (Director) | Quash and set aside the proceedings dated 27.04.2017 issued by 1st respondent for freezing of demat account vide client ID:10503306 |
| 13 | 7518 of 2018 | M/s.Comfort Intech Limited Anil Agrawal (Director) | Quash and set aside the proceedings dated 27.04.2017 and freezing of demat accounts viz: client ID No.10503363 |
| 14. | 7520 of 2018 | M/s.Comfort Intech Limited Anil Agrawal (Director) | To quash and set aside the proceedings vide 4882/C-9/EOW/ CID/TS/2016 dated 04.04.2017 in freezing of bank accounts bearing No.318001010036897, 318001010036374 and 318001010036373 |
Freezing of bank accounts under Section 102 Cr.P.C is lawful during investigations without prior notice, and challenges to such orders are not maintainable when alternative remedies exist.
The main legal point established in the judgment is the requirement to follow the procedure laid down under Sec. 102 Cr.P.C and the need for sufficient evidence to support the freezing of a bank acco....
The main legal point established in the judgment is the legality of freezing bank accounts under Section 102 Cr.P.C. and the applicability of this provision in the context of the case.
The court established that a bank account can be frozen under suspicion of criminal activity, and failure to report the freeze to the Magistrate does not invalidate the action.
The main legal point established in the judgment is that the procedure for freezing bank accounts under the Unlawful Activities (Prevention) Act, 1967, specifically Section 25, is directory in nature....
Seizure of assets under S.102 CrPC requires compliance with statutory provisions and cannot be based solely on suspicion.
it is a case where there were serious allegations of loan fraud by Chinese Companies involving Crores of rupees by cheating innocent people and their harassment. There were suicidal deaths due to the....
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