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APPELLATE TRIBUNAL FOR FORFEITED PROPERTY
A.G.M. Bank of Baroda – Appellant
Versus
Joint Director Directorate of Enforcement Ahmedabad – Respondent
FPA-PMLA-2750/AHD/2018
BEFORE RAJESH MALHOTRA, MEMBER; SINGLE BENCH: APPELLATE TRIBUNAL UNDER SAFEMA, AT NEW DELHI.
FPA-PMLA-2750/AHD/2018 A.G.M. Bank of Baroda … Appellant Versus Joint Director, Directorate of Enforcement, Ahmedabad … Respondent Advocates/Authorized Representatives who argued For the Appellant : Sh. Pankaj Vivek, For the Respondent : Sh. Mrinal Kumar
FINAL ORDER
30.04.2024 Present appeal is filed against the order dated 05.11.2018 passed by the Adjudicating Authority in Original Complaint No. 986/2018 confirming the attachment of properties attached in PAO No.03/2018 dated 24.05.2018. The details of attached properties are as under.
SCHEDULE- IMMOVABLE PROPERTY
Sr.No.
Property name/description
Name of the owner
Date of Purchase
Value (in Rs.)
1.
Premises being the office No. 1301, 1302 & 1303 on the thirteenth floor of the building Regent Chambers Premises Co- operative society Ltd. admeasuring about 2000 sq. feet carpet area together with attached terrace admeasuring about 2203 sq. feet, parking space No. 45 and 46 and situated at plot No. 208, Block- III of Bombay Backbay Reclamation Nariman Point, Mumbai, bearing cadastral survey No. 1955 of the Fort Division and 30 fully paid up shares of the said property of a face value of Rs. 50/- each bearing distinctive No. 996 to 1025 comprised under share certificates Nos. 103,104 and 105 issued by the said society Regent Chambers Premises co- operative society Ltd. including the share of deposit, sinking fund and other assets of the
M/s. ABC Cotspin Pvt. Ltd.
23/ 24.12.2013
Purchased for Rs. 7,30,00,000 and market value as per valuation report dated 25.03.2015 Rs. 13,95,72,000/-
said property.
2.
C-3, Nikumbh Complex, Law Garden, Ahmedabad (Supar Built up area of 995 Sq. Feet. Municipal Tenament No. 0513- 07-1236-0001-C at Changispur T.P. Scheme No. 3 final plot No. 424 paiki, sub-plot No.5 paiki)
Mr. Ashish Suresh Bhai Jobanputra
21.01.2008
Purchased for Rs. 18,00,000/- and market value during December, 2015 as per valuation report dated 20.03.2018 Rs. 54,72,500/-
Total in Rs.
14,50,44,500/-
2. As per the facts of the case, written complaint dated
27.10.2015 was received from Deputy General Manager, State Bank of India, Rajkot Administration Region, Rajkot on the basis of which CBI, BSFC Branch, Mumbai registered FIR No. RCBSM2015E0009 dated 30.10.2015 against M/s. ABC Cotspin Pvt. Ltd. and others under Section 120B/ 420 IPC and also under Section 13(2) r/w Section 13(1) (d) of Prevention of Corruption Act, 1988 for cheating SBI to the tune of Rs. 430 crores in the guise of various types of loans and advances.
Another written complaintwas received from Deputy General Manager, Bank of Baroda, Original Office, Ahmedabad City Region, Ahmedabad vide which CBI, BSFCBranch, Mumbai registered F.I.R. vide No. RCBSM2016E0002 dated 15.01.2016 against M/s. ABC Cotspin Pvt. Ltd. and others for commission of offences under Section 120B/420 IPC and also r/w Section 13(2) r/w Section 13(1) (d) of Prevention of Corruption Act, for cheating Bank of Baroda to the tune 374.49 crores in the guise of various types of loans and advances After investigation, CBI, BSFC, Mumbai filed separate charge sheets before Ld. Special Judge, CBI at Ahmedabad.On the basis of said criminal cases respondent-ED registered ECIR/AMZO/03/2017 dated 12.06.2017 against the said accused persons. During investigation respondent-ED recorded the statements of the bank officials/officers, accused persons and the other witnesses under Section 50 of PMLA During investigation by ED, it is revealed that M/s. ABC Cotspin Pvt. Ltd. was availing Bill Discounting facility from SBI with a limit of Rs.725 crores. From October, 2014, bills started to remain unpaid resulting in declaring the account as NPA on 31.07.2015. Enquiries conducted by State Bank of Indi
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