JUDGEMENT

FPA-PMLA-2534/CHN/2018, FPA-PMLA-2533/CHN/2018 &FPA-PMLA- 2498/CHN/2018

1. By this order, we propose to decide the above-mentioned three appeals filed by the appellants under Section 26 of the Prevention of Money Laundering Act, 2002 against common Order dated 27.07.2018 passed by the Adjudicating Authority confirming the provisional attachment order no. 02/2018 dated 13.02.2018 passed in O.C. No. 897/2018 dated 6.3.2018 in ECIR/CEZO/01/2017 dated 06.01.2017.

2. All the appellants have separately argued theirrespective appeals. The facts are common so as the legal issues, thus, by single order these are being decided.

3. The main allegations of the ED in the present case is that wrongful gain to the Appellant M/s. VGN Proprty Developers Pvt. Ltd. and wrongful loss to the Government of India of Rs. 115 Crores has been caused by sale of the property admeasuring about 10.46 Acres in Guindy Village, Chennai (hereinafter referred to as the “said property”) at a sale price of Rs 272 Crores whereas the guidelines value for the same was Rs. 387 Crores (and hence the loss).

4. The brief facts are that on 28.12.2016, the Central Bureau of Investigation, Anti-Corruption Branch, Chennai r