FINAL ORDER

30.05.2025 FPA-PMLA-4303, 4221-22/MUM/2021

This order would dispose of the appeals preferred by M/s Orlando Trading Pvt. Ltd. and M/s Jindal Combines Pvt. Ltd. apart from the appeal filed by the Deputy Director, Directorate of Enforcement, Mumbai to challenge the order dated 10.09.2021 passed by the Adjudicating Authority partially confirming the attachment of two immovable properties.

2. The case involves two office units in “Kaledonia” Building of Andheri East, Mumbai purchased by M/s Orlando Trading Pvt. Ltd. and also by M/s Jindal Combines Pvt. Ltd. The main allegation against them is for undervaluation of office units in “Kaledonia”. The undervaluation for the office unit No. 503 is for a sum of Rs.6.25 Crores while for office unit No.304, it is for a sum of Rs.8 Crores and accordingly attached two properties taking their total value to be Rs.35.48 Crores based on the rates provided by District Level Committee, Government of Maharashtra.

3. The brief facts to the case pertains to an offence said to have been committed by Shri Rakesh Wadhawan and Shri Sarang Wadhawan, Promoters of M/s Housing Development and Infrastructure Ltd. (M/s HDIL). Shri Rakesh Wadhawan through i