ORDER

25.02.2025

The present appeal is directed against the order dated 10.01.2018 passed by the Ld. Adjudicating Authority (“AA”) under section 26(3) of the Prohibition of Benami Property Transaction Act, 1988 (“PBPT Act, 1988”) confirming the provisional attachment order passed by the Initiating Officer (I.O.) under section 24(3) and 24(4) dated 27.01.2017 and 21.04.2017, respectively.

Facts in Brief:

2. The relevant facts briefly are that information was received by the Initiating Officer (I.O.) from Directorate of Investigation, Mumbai that one Sh. Mahendra C. Jain (M.C. Jain), resident of C-103, Prem Guru Building, Jain Mandir Marg, Bandra West, Mumbal-50, had used his bank account to deposit old notes of denomination of Rs 500 and Rs 1,000 belonging to Bhandari Gold & Jewellers Pvt. Ltd. (BGJPL), Unit No. 407/429/430, Bussa Udyog Bhavan, Tokersi Jivraj Road, Sewree, Mumbai 15. The old notes were deposited into bank account of his proprietorship concern, namely Champalal Jewellers, in Bombay Mercantile Co-operative Bank Ltd., Bangra West, Mumbai with account no. 1101/1836 (current account). The sum so deposited was later transferred to account no. 679044000041 of BGJPL in Kotak