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2018 (7) TMI 341 - ATPMLAOffence under PMLA - attachment orders - property obtained from the proceeds of crime - Held that:- In the facts of the present case the property in question was granted on lease by IDCO, a 100% public sector undertaking of the State of Odisha to Defendant No. 1 and had reverted back to the corporation on account of non compliance by M/s Ignis Technology Solutions Pvt. Ltd. of the conditions of allotment. The adjudicating authority did not appreciate that even in the rejoinder filed to the reply of defendant No. 1. There was no denial of the fact that the present property mentioned at serial no. 2 of the schedule of property was the property of IDCO and the payment of ₹ 1,00,00,000/- (Rupees One Crore only) was made much before the disbursement of the first installment of loan by United Bank of India and hence, the amount of ₹ 1,00,00,000/- (Rupees One Crore only) was not out of the “proceeds of crime”. There is nothing to show or suggest as to how the provisional allotment dated May, 18, 2009 for ₹ 1,00,00,000/- ( Rupees One Crore only) and its payment on 24.12.2009 which is even much before the application for loan made by M/s Ignis Technology Solution Pvt. Ltd. to the Bank could be the outcome of proceeds of crime justifying provisional attachment and confirmation. The reasoning of the adjudicating authority is perverse and contrary to law and reads as follows; “However, the properties in the name of D-1 in whose name loan has been sanctioned and subsequently misused”. However, the payment being made out of loan provided to Ignis which has been misutilised is tainted property and cannot be treated as a clean asset”. Thus, in view of aforesaid facts and circumstances, both i.e. provisional attachment order as well as confirmation /impugned order dated 01.06.2017 are set-aside with regard to present appellant only in relation to Property No. 2 attached.
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