Allowed

FPA-PMLA-1046/HYD/2015 of Cyberabad Hitech Integrated Township Development Corp Pvt. Ltd. v/s The Deputy Director Directorate of Enforcement, Hyderabad

ATFP5 May 2017FPA-PMLA-1046/HYD/2015

Case brief

AI extract

What is this about?

In an FPA under PMLA, the Tribunal allowed the appellant's application to relace attached properties equivalent proceeds of crime with a Fixed Deposit of Rs. 3,85,50,000/-. The attachment was declared operative only after the deposit was made.

What did the court decide?

Appellant directed to deposit Rs. 3,85,50,000/- via FDR to modify the attachment order.

FPA-PMLA-1046/HYD/2015 of Cyberabad Hitech Integrated Township… — Money Laundering | ATFP (2017)

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APPELLATE TRIBUNAL, PREVENTION OF MONEY LAUNDERING ACT AT NEW DELHI

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MP- PMLA-1969/HYD/2015 (STAY) & FPA-PMLA-1046/HYD/2015

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Cyberabad Hitech Integrated … Applicant/Appellant Township Development Corp Pvt. Ltd. Versus The Deputy Director Directorate of Enforcement, Hyderabad … Respondent

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Advocates/Authorized Representatives who appeared

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For the Appellant : Mr. Yogesh Raavi, Advocate For the Respondent : Mr. S.K. Sharma, Advocate on Behalf of Shri S.A. Saud, Advocate

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CORAM JUSTICE MANMOHAN SINGH : CHAIRMAN SHRI KAUSHAL SRIVASTAVA : MEMBER SHRI ANAND KISHORE : MEMBER

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ORDER

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05.05.2017

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FPA-PMLA-1046/HYD/2015

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No reply has been filed by the respondent. Mr. S.K. Sharma, Advocate appearing on behalf Mr. S.A. Saud learned Counsel for the respondent and submits that the instructions have not been received from the respondent. The prayer made in the application is orally challenged on behalf of the respondent.

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The present application has been filed by the appellant seeking the interim relief by way of directing the substitution of the attached property namely “2.57 Acres of Land along with the built up area in 1.48 Ac. (14196 SFT) at Sy. No. 1009, Phase-III, Kukatpally Housing Board, Ranga Reddy District.”, attached as value equivalent of proceeds of crime by Respondent, valued at Rs.3,85,50,000/-, with an FDR of Rs.3,85,50,000/- or similar FPA-PMLA-1046/HYD/2015 Page 1 of 3

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valuable security which this Tribunal may deem valid in the circumstances of the case. Learned Counsel for the Appellant has referred to Para 24 of the Complaint where the details of the proceeds of crime has been transferred by the respondent. Para 24(c) reads as under:

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“ Land of 2.57 acre and out which land of 1.48 Acre and Built-up Area Of around 14196 SFT of PEB Structure at Survey No.1009, Phase-XIII, Kukatpally Housing Board, Ranga Reddy District, as detailed in the lease deed 27.12.2013 between M/s Cyberabad Hitech Integrated Township Development Corporation Private Limited, Hyderabad and M/s 3N Hospitality, Jubilee Hills, Hyderabad, totally valued at Rs.3,85,50,000/- which is equivalent to part of the ‘Proceeds of Crime’ which were laundered by Shri I. Syam Prasad Reddy through his companies .”

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Even the Impugned Order Page No. 4 thereof, is having the similar details. It is therefore clear that the property has been attached as value equivalent to the alleged proceeds of crime involved in this case.

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In view of the said facts and circumstances, the prayer in the present application is allowed by modifying the Impugned Order to the effect that the appellant/applicant should deposit a sum of Rs. 3,85,50,000/- by way of FDR in the name of respondent within two weeks from today. Once the said deposit is made, the property attached in the related P.A.O. and confirmed in the Impugned Order will stand modified to that extent. The merit of the appeal will be decided in due course. The said deposit will be made by the appellant without prejudice to the rights to contest the matter on merits. The amount deposited and interest accrued thereon shall be subject to the outcome of the appeal. It is clarified that in view of the order passed today, there would be no attachment of the above mentioned property viz. land of 2.57 acres in question with built up area in 1.48 Acre (14196 sq.ft). However, the said order will become operative only once the amount of deposit viz. FDR for Rs. 3,85,50,000/- in the name of the respondent is made by the appellant/applicant with the respondent.

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FPA-PMLA-1046/HYD/2015

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Page 2 of 3

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Order be given “dasti” to both the parties.

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(Justice Manmohan Singh) Chairman

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(Kaushal Srivastava) Member

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(Anand Kishore) Member

New Delhi,

05^th May, 2017

„AS‟

FPA-PMLA-1046/HYD/2015

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Page 3 of 3

FPA-PMLA-1046/HYD/2015 of Cyberabad Hitech Integrated Township Development Corp Pvt. Ltd. v/s The Deputy Director Directorate of Enforcement, Hyderabad

Case brief

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FPA-PMLA-1046/HYD/2015 of Cyberabad Hitech Integrated Township Development Corp Pvt. Ltd. v/s The Deputy Director Directorate of Enforcement, Hyderabad

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