ORDER

28.04.2025

The present appeal arises from the orderdt. 12.02.2021 passed by the Ld. Adjudicating Authority (“AA”) under the Prevention of Money Laundering Act, 2002 (“PMLA, 2002”)in Original Application (OA) No. 429/2020 dt. 26.11.2020, whereby, the Ld. AA rejected the aforesaid OA filed by the Directorate of Enforcement (ED) seeking further retention of the seized properties and records.

Facts in brief

2. The relevant facts briefly are that a total of 7 FIRs were filed against various entities of one „Ardor‟ group of entities, comprising M/s Ardor Global Pvt.Ltd., Ahmedabad, M/s Ardor International Ltd. and others under various provisions of the erstwhile Indian Penal Code(IPC) and the Prevention of Corruption Act, 1988 (P.C. Act, 1998). The main allegation against the companies related to loan default/diversion due towhich the accounts of the concerns turned NPA and the banks suffered huge wrongful losses.

3. Since, Sections 120-B read with 420 of the erstwhile IPC and Sections 13(1)(d) the P.C. Act, 1998 are scheduled offences under the PMLA, 2002, the ED, Ahmedabad took up the investigation by registering an Enforcement Case Information Report („ECIR‟) vide No. ECIR/AMZO/