FINAL ORDER

11.11.2024

Dictated by: Rajesh Malhotra

Present appeals u/s 26 of the Prevention of Money Laundering Act, 2002, are filed by the appellants against the impugned order dated 12.09.2017 passed by the Adjudicating Authority in Original Application No. 93/2017, whereby it allowed the respondent ED to retain/seize the documents, digital records etc., seized from the premises of various persons, during the search conducted on 07.04.2017, as well as allowed to be frozenmany bank accounts, lockers and properties u/s 17(1A) of PMLA,2002, including the following properties stated to be owned by accused Amanpreet Singh Sodhi:-

i) Property no. 47, Ashoka Park Extension, BasaiDarapur, New Delhi-110026, purchased from Rifakat Ali & others;

ii) Property no. 48, Ashoka Park Extension, BasaiDarapur, New Delhi-110026, purchased from Mauhabbat& others.

2. As per the facts of the case, on the basis of a complaint made by the Indian Overseas Bank, CBI, BS & FC, New Delhi had registered an FIR No. RCBD1/2016/E/0007 dated 08.08.2016 under Section 120B r/w 420 of IPC and Section 13(2) r/w 13(1) (d) of PC Act, 1988 against the accused Ashu Mehra, Mr. Nitish Negi, Mr. Gaurav Bhatia (all three Assistant Managers, Indian Overseas Bank, Chandigarh), Dinesh Kumar (Proprietor, M/s. Vision Procon), Mr. Amanpreet Singh Sodhi (Proprietor, M/s. Heights International), M/s. Sai Bhakti Impex Pvt. Ltd., Mr. Gaurav Kirpal, Mr. Aman Kirpal, M/s. Colour Wave (H K) Ltd. Hongkong, Brigadier (Retd.) M.S. Dullat and other unknown public servants & private persons on the following allegations:

i) The accused Ashu Mehra had been working as an Assistant Manager, Forex Department, Indian Overseas Bank, Chandigarh Main Branch since 2010 and was also having the authority to make and check all swift messages of the Bank. Besides the accused Ashu Mehra, two more officers, namely, accused Nitish Negi and Gaurav Bhatia have been named by the bank in their complaint letter to have been working as Assistant Managers in the Bank and further informed to be also handling forex operations & were having the authority to make & check all swift messages of the Bank branch.

ii) The accused Ashu Mehra in collusion with certain customers of the Bank, namely M/s. Vision Procon (through its Proprietor Mr. Dinesh Kumar, Accused), M/s. Heights International (through its Proprietor Mr. Amanpreet Singh Sodhi, Accused), and M/s. SaibhaktiImpex Pvt. Ltd., Accused (through its Directors Mr. Aman Kirpal- Accused and Mr. Gaurav Kirpal- Accused) have been alleged by IOB to have caused loss to the bank to the tune of USD 47.86 Million equivalent to approximate Indian Rs. 321 crores (Calculated @ Rs. 67 per USD) as on date.

iii) IOB has further informed that accused company M/s. Colour Wave (H K) Ltd., having office address at G/F, CAR, PO, Commercial Building, 18-20, Lyndhurst Terrace Central Hong Kong (Also at 4/E, Flat D-E, Wah Factory Building, 50-60, Wong Chuk Hang Road, Aberdeen) is the beneficiary of all the fraudulent swift messages sent.

iv) Further, accused Brigadier (Retd.) M.S. Dullat, is the father in-law of Accused No.1 and is Director in M/s VyaparAgrotech Ltd. in which the Accused No. 5 Mr. Amanpreet Singh Sodhi is another Director.

v) The Indian Overseas Bank (IOB in short) has informed that the Accused No.1 (Ashu Mehra), the master mind, was indulging in issuing Letters of Comfort (LOC)/ Letters of Undertaking (LOUs) through swift messages fraudulently in collusion with others to cheat the Bank. Further, the overseas banks had provided Buyers Credit to their customers on the basis of the LOUs issued by the IOB, Chandigarh and hence the said overseas banks were demanding IOB to remit the said amount to them. It has been further informed by the IOB that on verification of their records, it was found that no such request for LOU to the Buyers Credit was authorized by the Branch Manager and LOUs were issued fraudulently through swift messages by Ashu Mehra and other bank staff (Accused Nos.