* IN THE HIGH COURT OF DELHI AT NEW DELHI Date of Reserved: 04.11.2020 Date of Decision : 02.12.2020 + W.P.(C) 5382/2020 DEEPT SARUP AGGARWAL ..... Petitioner Through Mr.Kirti Uppal, Sr. Adv. with Mr.Sanyam Khetarpal and Mr.Nitesh Goyal, Advs.

versus UNION OF INDIA & ANR. ..... Respondents Through Mr.Anil Soni, CGSC with Mr.Devesh Dubey, Adv.

CORAM:

HON'BLE MR. JUSTICE NAVIN CHAWLA

1. This petition has been filed by the petitioner challenging the Lookout Circular (LOC) issued by the respondents against the petitioner.

2. It is the case of the petitioner that the petitioner is in the business of agro-product and had dealing with one Mr.Dalip Jindal who is also in said business based in Delhi. The petitioner claims to be Director in various companies which used to trade with the companies of the said Mr.Dalip Jindal. The petitioner further claims that in the year 2018, an FIR No.203/2018 was registered against the said Mr.Dalip Jindal and his family members on the complaint of the HDFC Bank alleging that Mr.Dalip Jindal had siphoned off funds of his companies and was deliberately not paying the loan taken from the banks. The petitioner was also named as having helped Mr.Dalip Jindal to siphon off the money. The petitioner further claims that he was summoned to join investigation by the Economic Offences Wing and had so joined on 26.12.2018 and 07.01.2019, wherein his statement was recorded and he had provided the details of all business dealing between himself/his companies and Mr.Dalip Jindal/his companies. On 04.01.2020 when the petitioner was intending to travel to Singapore, he was detained at the Indira Gandhi International Airport, Delhi and was informed that an LOC has been issued against him. It is the said LOC that the petitioner has challenged in the present petition.

3. The petitioner has claimed that thereafter the petitioner has joined the investigation on 04.01.2020, 06.01.2020, 17.01.2020, 31.01.2020 and 06.02.2020.

4. On the other hand, the respondent, Directorate of Enforcement filed a counter affidavit and thereafter a sur-rejoinder inter-alia contending that the FIR No.203/2018 dated 08.10.2018 was registered by the EOW, New Delhi under Section 406/420/120B of the Indian Penal Code, 1860 against said Dalip Jindal, Mr.Shaloo Jindal and Ms.Disha Jindal, who were directors/proprietors and co-directors in M/s Jindal Agro International Limited, M/s Faqir Chand Dalip Kumar and M/s Dalip Jindal Agro Packaging Pvt. Ltd. The said persons/entities are engaged in the business of import of pulses in India and were having regular banking relationship with the HDFC Bank Ltd, Naya Bazar, New Delhi and other Banks. The said persons and entities availed various credit facilities such as Cash Credit, Letter of Credit, Bank Guarantees, Buyers Credit etc. from time to time since 2017 from HDFC Bank. During 01.04.2017 to 31.03.2018, Mr.Dalip Jindal has transferred huge funds to the various companies of the petitioner. It is further alleged that during investigation, it was noticed that during the period 01.04.2017 to 31.03.2018, M/s Buddha Global Pvt.Ltd (a company owned and controlled by the petitioner) had imported chick peas from Millennium Industries Pte. Ltd, Singapore (a company owned and controlled by the petitioner) and in turn Millennium Industries Pte. Ltd., Singapore, had purchased/imported the same chick peas from Fletcher International Exports Pvt. Ltd, Australia at much lower price. It is alleged that the difference of the amount is a sheer loss of foreign exchange of the country. It is further alleged that by the above said modus operandi, Mr.Dalip Jindal alongwith the petitioner and others siphoned off bank money aggregating to a sum of Rs.80.84 crore and parked it outside India and conveyed to the bank that the money had been lost in the market thereby causing loss to the banks.

5. It is alleged by the respondent that based on the above FIR, the Enforcement Directorate has registered an ECIR No.ECIR/DLZO- II/04/2019 dat