FINAL ORDER

12.09.2024 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/freeze the documents, digital records, bank accounts etc., seized from the premises of various persons including the present appellants, during the search conducted on 07.04.2017.

2. In the appeal at serial no. 1, Ld. Counsel for appellant stressed for release of bank accounts of appellant M/s G B Creative Line, Proprietor Bhawana Kirpal, detailed as under:

i. Indian Overseas Bank, Sector 7, Chandigarh having Account No. 28402000012338 stated to be a CC Account having CC limit of

225.00 lakhs. The above credit limit was collaterally secured by the following securities:

Sr. No.	Nature of Security
1.	Equitable mortgage of vacant plot No. 168, Measuring 400.00 sq. yards at Parvela City, Ludhiana (Punjab) in the name of Mrs. Radhika Kirpal valued at FMV – 84.00 lacs
2.	Equitable Mortgage of vacant plot No. 26 measuring 110.00 sq. yards at Parvela at FMV – Rs. 29.70 lacs

Ld. Counsel for the appellant firm submitted that the CC Account at Indian Overseas Bank having CC limit of 225.00 lakhs is in the name of M/s G B Creative Line which has been secured by giving the above two properties as collateral for the same, however, the said bank account is seized by respondent ED. He submitted that all the sale and purchase transactions of the appellant proprietorshipconcern are routed through the above two bank accounts which are reflected in their account statements and balance sheet of the firm. Prayer is accordingly made to allow the present appeal and thereby direct the respondent ED to release the above bank accounts.

He further argued that in the appeal at serial no. 2, the appellant Smt. Bhavana Kirpal is the wife of Mr. Gaurav Kirpal who is alleged to be the main accused in police case with other associates and family members.Search and seizure was conducted on the premises of the appellant on the basis of the FIR No. RCBD No. 1/2016 filed by CBI and thereafter, her bank accounts, locker containing jewellery and vehicle were seized/freezed, which are detailed as under:

S. No.	Bank Name	Appellant	A/c No.	Amount
1.	Indian Overseas Bank	Bhavana Kirpal & Gaurav Kirpal	28401000026338	2246.38+Lien Amount 405.00
2.	Induslnd Bank	Bhavana Kirpal & Gaurav Kirpal	100042214415	0.00
3.	Induslnd Bank	Bhavana Kirpal & Gaurav Kirpal	100042243231	0.00

i. One Scorpio vehicle bearing Registration No. CH03V0010 in the name of Ms. Bhawna Kirpal w/o Mr. Gaurav Kirpal along with RC & Insurancepurchased in the year 2005.

ii. The appellant has one locker in Indian Overseas Bank Locker No. 118, SCO 26, Sector 7C, Chandigarh vide which different gold ornaments having value of Rs. 13,83,254/- as per Valuation Report dated 21.04.2017 and the same were seized as per Seizure Memo dated 21.04.2017.

iii. Second locker is in the name of the appellant’s mother-in-law of the appellant at Locker No. 182, Oriental Bank of Commerce, Sarabha Nagar, Ludhiana One gold necklace & pair top & with fused pearls & stones, etc. having value of Rs. 2,49,400/- as per Valuation Report dated 28.04.2017 and the same were seized as per Seizure Memo dated 28.04.2017.

Ld. Counsel for the appellants further submitted that husband of appellant Shri Gaurav Kirpal, belongs to a business family where business is carried out following due procedure. The financial dealingsof the companies are invariably carried out through banking channels. The books of accounts are prepared and audited as per law. The appellant also has been filing income tax returns regularly. The jewellery found in the possession of the appellant was given to her by her parents, parentsin-law during her wedding of about

28.00 lacs. Jewellery (Istridhan) wo

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