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Judgment
,,,
FPA-PMLA-3049/KOL/2019,,,
The appellant has filed the appeal against the order dated 14.03.2019 passed in OC 1047 of 2018 by the Adjudicating Authority, PMLA, New Delhi.",,,
Various movable and immovable properties, as described in the impugned order which were provisionally attached by order dated 01.10.2018 have",,,
been directed to be confirmed.,,,
The immovable property being super built up office space measuring 28240 sq ft in the 24th floor of premises being 10, East Topsia Road, Kolkata",,,
700046 along with 38 car parking space which had been provisionally attached and subsequently confirmed by the Adjudication Order dated,,,
14.03.2019 impugned herein, is directed to be released to the Appellant after all attachments are removed therefrom.",,,
Reply to the appeal has been filed by the respondent.,,,
Admittedly the Appellant and his family members were at no point of time involved directly or indirectly in any Ponzi Scheme or money mobilization,,,
or collection of deposits from the public for running of such scheme. The appellant is a builder of both national and international repute and is involved,,,
only in the business of real estate.,,,
From the complaint filed and Show Cause notice it is evident that no case under any Scheduled Offence had been filed against the Appellant before,,,
any Court of law and that the investigation and subsequent attachment order had been passed on the basis of the case instituted against Rose Valley,,,
Group of Companies and Sri Goutam Kundu, who is the Chairman of the Rose Valley Group of Companies in the present case.",,,
The proceedings under Section 5 and Section 8 of PMLA had been initiated against the Appellant on the ground that he and his family members are,,,
beneficiaries of total value of proceeds of crime amounting to Rs.15,41,94,529/.",,,
The allegations are made on the basis for issuance of the show cause notice are that M/s. Real Estate and Land Bank India Ltd., (a company of",,,
Rose Valley group) had entered into a purchase agreement with M/s. Ideal Unique Realtors Private Limited (in which the appellant is a Director) and,,,
others on 26th December, 2012 for purchase of space having super built up area of 28240 sq. ft. alongwith 38 car parking spaces at premises number",,,
10, East Topsia Road, Kolkata â€" 700046 and had made payment of Rs.16,41,32,384/- out of the total agreed upon price of Rs. 41,17,95,745/-",,,
inclusive of service tax to M/s. Ideal Unique Realtors Private Limited. In the said show cause it was also alleged that M/s. Ideal Unique Realtors,,,
Private Limited had cancelled the agreement as M/s. Real Estate and Land Bank India Limited had not made payment of the balance amount as per,,,
the agreement. It was further alleged that the sum of Rs.16,41,32,384/- paid by M/s. Real Estate and Land Bank India Limited to M/s. Ideal Unique",,,
Realtors Private Limited. Hence the instant show cause was issued to the appellant.,,,
It has been further alleged in the complaint and show cause notice that the appellant Srawan Kumar Himatsingka, in his further statement dated",,,
07.07.2017, had, inter alia, stated that Rs,1,00,00,000/- (Rupees One Crore only) had already been deposited in their account no. 2012182460",,,
maintained with Kotak Mahindra Bank Limited, Apeejay House, 15, Park Street, Kolkata 700016 and the balance amount of Rs. 15,41,94,529/- would",,,
be deposited in that account.,,,
The appellant in his further statement dated 08.02.2018, had inter alia, admitted receipt of the amount of Rs. 16,41,94,529/- from M/s. Real Estate",,,
and Land Bank India Limited and again prayed for some more time to deposit the balance amount. However, no further deposit had been made on",,,
behalf of M/s. Ideal Unique Realtors Private Limited inspite of lapse of a considerable time and it appears that reasonable efforts have not been made,,,
by the appellant herein for depositing the balance amount.,,,
The amount of Rs. 16,41,94,529/- paid by M/s. Real Estate and Land Bank India Limited for purchase of office space of 28240 sq. ft alongwith 38",,,
car parking spaces was definitely a portion of the proceeds of crime either collected and accrued in the hands of M/s. Real Estate and Land Bank,,,
India Limited or transferred from some other company / companies of the Rose Valley Group.,,,
It is believed that the amount of Rs. 16,41,94,529/- paid by M/s. Real Estate and Land Bank India Limited to M/s. Ideal Unique Realtors Private",,,
Limited represent a portion of the proceeds of crime within the meaning of Section 2(1)(u) of PMLA, 2002 and is, therefore, liable for attachment",,,
under the provisions of the Act.,,,
It was stated on behalf of the appellant that it was on the basis of said transaction by the company of the appellant that he had been falsely,,,
implicated in the instant case. The Appellant states that he had no manner of connection and/or relation with the business activities of Shri Goutam,,,
Kundu or his group of companies, save and except, entering into an agreement for sale of super built up area of 28240 sq.ft alongwith 38 car parking",,,
spaces at premises number 10, East Topsia Road, Kolkata â€" 700046, and receiving advance payment of Rs. 16,41,32,384/-.",,,
It is stated on behalf of the appellant that the appellant had no role to play in respect of the business of Shri Goutam Kundu or his Group of,,,
companies. The said sale of property was in normal course of business in terms of agreement dated 26.12.2012 and all payments in respect thereof,,,
were received from the intending purchaser by cheque. On the said date of agreement, no case had been initiated either against Shri Goutam Kundu",,,
or any of his companies, more particularly M/s. Real Estates and Land Bank India Limited. The sale of a lawful property to any buyer for lawful",,,
consideration is not an offence under any of the laws of the land.,,,
It is stated that the sole basis for initiating a proceeding against the appellant is the agreement for sale of the said property, which was made in a",,,
lawful and bona fide manner.,,,
The said property was being developed by the appellant on strength of Development Agreement entered into between M/s. Ideal Unique Realtors,,,
Private Limited and Javed Ahmed Khan, Ms. Shaheen Asad, Aquil Ahmed Khan, Parvez Ahmed Khan, Yasmeen Hossain and Shamim Akhtar.",,,
It is specifically stated that the appellant had entered into a lawful agreement with M/s. Real Estate and Land Bank India Limited for sale of super,,,
built up office space measuring 28240 sq ft in the 24th floor of premises being 10, East Topsia Road, Kolkata 700046 alongwith 38 car parking space.",,,
The total value of the agreement was Rs. 41,17,95,745/-. M/s. Real Estate and Land Bank India Limited only deposited an amount of Rs.",,,
16,41,32,384/- out of the total agreed amount of Rs. 41,17,95,745/-. Despite repeated reminders, M/s. Real Estate and Land Bank India Limited failed",,,
to deposit the balance amount of Rs. 24,76,63,361/-, and as such, the appellant was forced to terminate the agreement for sale dated 26.12.2012 and",,,
was entitled to appropriate the sums received by way of advance as per law. However, on coming to learn that the money acquired by Rose Valley",,,
Group of Companies was by way of ponzi scheme by duping common people, the appellant’s Chairman being a respectable citizen voluntarily",,,
agreed to deposit a sum of Rs. 16,41,94,529/- with the Enforcement Directorate and to prove his bona fide had already deposited a sum of Rs. 1 crore",,,
Date,Cheque No.,Drawn on,Amount (Rs.)
09.09.2019,187251,"Bank of India, J.L. Nehru
Road, Kolkata","2,00,00,000.00
09.10.2019,187252,"Bank of India, J.L. Nehru
Road, Kolkata","1,50,00,000.00
09.11.2019,187253,"Bank of India, J.L. Nehru
Road, Kolkata","1,50,00,000.00
09.12.2019,187254,"Bank of India, J.L. Nehru Road,
Kolkata","1,50,00,000.00
09.01.2020,187255,"Bank of India, J.L. Nehru Road,
Kolkata","1,50,00,000.00
09.02.2020,187256,"Bank of India, J.L. Nehru Road,
Kolkata","1,50,00,000.00
09.03.2020,187257,"Bank of India, J.L. Nehru Road,
Kolkata","1,50,00,000.00
09.04.2020,187258,"Bank of India, J.L. Nehru Road,
Kolkata","1,50,00,000.00
09.05.2020,187259,"Bank of India, J.L. Nehru Road,
Kolkata","1,50,00,000.00
09.06.2020,187260,"Bank of India, J.L. Nehru Road,
Kolkata","1,41,94,529.00