APPELLATE TRIBUNAL UNDER SAFEMA AT NEW DELHI FPA-PMLA-3256/MUM/2019 M/s Religare Finivest Pvt. Ltd. … Appellant Versus The Deputy Director Directorate of Enforcement, Mumbai … Respondent Advocates/Authorized Representatives who Argued For the Appellant : Counsel appeared (through VC)

For the Respondent : Ms. Nattasha Garg, Advocate CORAM SHRI G. C. MISHRA : MEMBER SHRI RAJESH MALHOTRA : MEMBER

FINAL ORDER

13.05.2025 Dictated By: Rajesh Malhotra Present appeal u/s 26 of Prevention of Money Laundering Act, 2002 is filed by the appellant against the order dated 05.08.2019 passed by the Adjudicating Authority in Original Complaint No. 1104/2019, whereby the properties attached by ED vide PAO No. 01/2019 dated 14.02.2019 were confirmed, including the properties mortgaged with the present appellant as under:

2. As per the facts of the case Shivajinagar, Police Station, Pune registered FIR No. 347/2017 dated 28.10.2017 against Sh. Deepak Sakharam Kulkarni and Smt. Hemanti Deepak Kulkarni of DSK Group of Companies, Pune. Second, FIR was registered at Rajarampuri Police Station, Kolhapur vide no. 373/2017 dated 09.11.2017 against Sh.

Deepak Sakharam Kulkarni; Smt. Hemanti Deepak Kulkarni and Shirish Deepak Kulkarni of DSK Group of Companies, Pune. Third, FIR No. 309/2017 dated 03.11.2017 was registered at Police Station Shivaji Park, Mumbai against M/s D. S. Kulkarni and Sons; M/s D. S. K. and Associates; M/s D. S. K. Construction; Shri Shirish Deepak Kulkarni and Other DSK Group of Companies/Partnership firms and their Directors and Officials. All these FIRs pertain to the commission of offences under Section 406 & 420 of IPC read with 34 IPC and also under Section 3 & 4 of Maharashtra Protection of Interest of Depositors Act, 1999 (MPIDA).

The FIRs revealed that the above-mentioned accused persons/

entities of the DSK Group through their Director/ Partner/Proprietor etc. offered to gullible general public, attractive interest on the investments in the form of Fixed Deposits and also on unsecured loan, and thereafter the investors were subsequently cheated of their invested amount, apart from the promised interest on the amount invested.

After investigation EOW, Pune Unit filed the Charge Sheet against the said accused person for commission of offence under Section 120-B IPC read with 406, 409, 420, 411, 465, 467, 468, 471 of IPC and also under r/w Section 3 & 4 of MPID Act, 1999 and substantive offences thereunder.

The investigation conducted by ED had revealed that the total fraud committed by the accused persons is to the extent of Rs.70752.27 lakhs with respect to FDs and Rs. 38784.93 lakhs with respect to unsecured investments made by public i.e. totalling to about Rs.1100 crores.

On the basis of the said FIR and investigation conducted by Police, the Directorate of Enforcement, Mumbai Zone recorded ECIR No. 01/ MBZO-II/2018 dated 08.03.2018 for initiating investigation for commission of offence of money laundering by the suspects/accused persons and to trace out the trail of proceeds of crime.

During the investigation ED recorded statements of the suspects/

accused persons and others and also collected the documents from the investigation agency and the others sources. On the basis of the material collected during the investigation conducted by ED coupled with the Police investigation ED attached the properties of the suspected/ accused persons vide PAO No. 01/2019 dated 14.02.2019, and thereafter, filed Original Complaint No. 1104/2019 befor