FINAL ORDER

17.02.2025

The instant appeals have been filed against the order dated 01.04.2015 passed by the learned Adjudicating Authority (“AA”) under the Prevention of Money Laundering Act (“PMLA, 2002”) confirming the attachment of a property consisting of land and commercial building comprising ground floor plus four floors situated at Survey No. 217, Makarba, S.G. Highway, Ahmedabad. The subject property was attached vide Provisional Attachment Order (PAO) passed by the Deputy Director, Mumbai, Zonal Office, Directorate of Enforcement, on 29.11.2024.

Facts in Brief

2. The relevant facts as emerging from the order of the Ld. Adjudicating Authority are that on the basis of a Complaint received from an investor, the MRA Marg Police Station, Mumbai registered an FIR No. 216/13 dated 30.09.2013 invoking Section 120(B), 409, 465, 467, 468, 471, 474, 477(A) of IPC. The said FIR was subsequently renumbered as CR No. 89 of 2013 and was investigated by Economic Offences Wing (EOW), Mumbai Police. The Complainant stated that he had been induced into making investments by false representations and assurances given by the promoters and senior management of National Spot Exchange Limited (NSEL)