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2021 (1) TMI 1107 - DSC - Money LaunderingSeeking seven days custody of both the accused for their interrogation - money laundering - proceeds of crime - diversion of funds - schedule offence under Section 420 of IPC - HELD THAT:- No doubt udner Section 17(1)(f) of PMLA on 26.01.2021 the statement of accused Babulal Varma came to be recorded by ED and also questions pertaining to ₹ 410 crores obtained from Yes Bank was also put forth including non-constructions of tenements. But the facts remain to be answered that when these two persons are now arrested and produced before this Court, who not only obtained SRA scheme for construction, but mortgaged it and now even without making construction of the Rehab scheme at Wadala and Antop Hill they have diverted ₹ 410 crores, which was obtained as a loan from Yes Bank, after mortgaging FSI and after construction of rehabilitating building. The proceeds of crime diverted out of criminal activities in view of schedule offence under Section 420 of IPC has been used and parked by the accused and thus, projected them as untainted. In such circumstances, complaint came to be registered and it needs to be investigated in detail. If it is not investigated definitely diversion of funds, for the purpose of which it was obtained was not carried out and thereafter, obtaining loan of ₹ 3,155/- crores out of said loan ₹ 2,755 crores was disbursed. Out of the same ₹ 1800 crores is outstanding and same has turned NPA. Hence entire factual aspects of this money laundering after registration of FIR is within exclusive knowledge of both the accused and all these crucial facts, which are in their domain has to be exploded to being unearth deeply and direct involvement of M/s Omkar Realtors & Developers Pvt. Ltd. It appears active conspiracy in the case. Even both the accused form 25.01.2021 assisting the investigation and came to be arrested on 27.01.2021. Therefore, further investigation by ED has to be carried out for which their presence along with ED officials pertaining to this ECIR is necessary. Both the accused i.e Babulal Varma and Kamalkishore Gupta, remanded in the custody of ED for further interrogation till 30.01.2021 - application allowed.
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