FINAL ORDER

14.05.2024

The batch of four appeals were filed against the order of Adjudicating Authority dated 15.11.2022. The order aforesaid was passed on OA No. 670/2022 under Section 17 (4) of the Prevention of Money Laundering Act, 2002 (for short ‘the Act of 2002). It was to retain the documents, gadgets and the bank accounts on search and seizures under Section 17(1) of the Act of 2002.

2. The learned counsel for the appellants submits that EOW registered FIR No. 50/2019 under Section 420/409/120B IPC against Malvinder Mohan Singh, Shivinder Mohan Singh, Sunil Godhwani, Anil Saxena and Kavi Arora for siphoning of amount of Rs.1260/- crores of ReligareFinvest Limited (hereinafter referred to as `RFL‟). It was caused by giving unsecured loans under the Corporate Loan Book (hereinafter referred to as ‘CLB‟) portfolio to entities under direct or indirect control of promoters. The fund was routed to the promoters owned entities as ultimate beneficiaries.

3. It was alleged that CLB was going on since 2008 and it is a fact that the amount was even repaid through by ever-greening of loans to prevent classification of accounts as non-performing assets. It was alleged that the loan disburs