Appeals have been filed before this Tribunal against the order in original T-4/1-C/2007/1072 dated 11.02.2015 passed by the Special Director, Enforcement. Briefly the case is that on a search of the residential as well as office premises of Shri Pradeep Kumar Saraogi @ Pradeep Kumar Jain @ Pappu, certain loose sheets and Indian currency aggregating to Rs. 46.75 lakhs was seized from his premises by the officers of the ED. The allegation was that Shri Saraogi, a person resident in India undertook a large number of transactions involving dealings in foreign exchange and transfer of foreign exchange to persons not being authorized persons and also entered into financial transactions in India as consideration for or in association with acquisition or creating or transferring of a right to acquire assets outside India by a number of persons. It was alleged, inter alia , that the other two appellants Shri D.C. Aggarwal and Shri Sanjay Chaturvedi made payments of Rs. 29.05 lakhs, Rs. 4 lakhs and Rs. 11 lakhs to Shri Pradeep Saraogi as consideration for acquisition/creation or transfer a right to acquire equivalent funds in foreign exchange outside India without any general or special permission of the RBI. The appellants in FPA-FE-12/KOL/2015 & FPA-FE26/KOL/2015 have, both in their appeal, written submission as well as during the hearing before me stated the following:
