JAGADISH NANGINENI Vs. DIRECTORATE OF ENFORCEMENT

JUDGEMENT

(1.) The present Petition under Article 226 of the Constitution of India read with Sec. 482 of the Code of Criminal Procedure, 1973, ('Cr.P.C. 1973') has been filed seeking to withdraw/recall of Look-Out-Circular ('LOC') if any issued by the respondents pursuant to ECIR dtd. 25/1/2019 bearing ECIR/91/HIU/2019, u/s 3 and 4 of the Prevention of Money Laundering Act, 2002 ('PMLA') and to allow the Petitioner/Mr. Jagadish Nangineni to travel abroad.

(2.) Petitioner/ Sh. Jagadish Nangineni, a Civil Engineer by profession, has done his B.Tech from IIT Mumbai and holds a degree of MBA from IIM, Kolkata.

(3.) In November 2009, the Petitioner joined Sobha Limited ("Sobha"), as the General Manager, Business Development, purely in a professional capacity with no prior financial or other interest, and worked in the registered Office of the Company at Bangalore. In 2010, he shifted to the Sobha's NCR office at Gurugram and continued as Deputy Managing Director and Regional Head until March 2022. Thereafter, the Petitioner was promoted and designated as the Managing Director of Sobha on April 1, 2022 and is currently fulfilling his official duties while residing at Bangaluru.