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2018 (2) TMI 1059 - AT - Money LaunderingOffence under PMLA - private companies allegedly investing in companies owned by Mr. Y.S. Jaganmohan Reddy, namely M/s Jagati Publication Pvt. Ltd. in exchange for obtaining SEZ lands at prices lower than the stipulated rates as a quid pro quo, which is stated to have resulted in monetary losses to the exchequer - Held that:- From the entire gamut of the matter and material placed on record, it appears to us that the allegation of bribe and cheating are yet to be considered by the Special Court. It is yet to be examined as to whether any criminality is involved or not. There is no denial on the part of the appellants that investment was made. There are two versions, the version of the respondent is that the investors have bribed the amount. The second version is that it was a genuine investment. The issue of discrimination would also have to be decided by the Special Court. Further, as the burden of proof has not been discharged by the appellant, their request for release of all the properties cannot be acceded to. As regard Hetero and Aurobindo, they have agreed to secure total sum of ₹ 15.50 crores till the complaints are finally decided by the Special Court. As against Jagati and Janani, we are of the view that remaining ₹ 15 crores must be secured by Jagati and Janani without- prejudice as the total amount of bribery as per CBI and ED is ₹ 29.50 crores. The ED has already attached fixed deposit of ₹ 14.50 crores from Jagati. Subject to deposit of balance of ₹ 15 crores, properties of Janani shall stand released. In case the sum of ₹ 15 crores is not deposited by the appellant within six weeks from the date of order then the provisional attachment of land and property as per provisional attachment order shall continue till the final outcome of the matter which is pending before the special judge. These directions are passed without prejudice in order to secure the entire alleged amount. The fate of securing of ₹ 29.50 crores in respect of M/s. Janani & Jagati would be dependent upon the final decision passed by the Special Court.
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