VIJAYRAJ SURANA Vs. ASSISTANT DIRECTOR, ENFORCEMENT DIRECTORATE

JUDGEMENT

(1.) Under assail are the proceedings of the Enforcement Directorate in ECIR Nos.CEZO-I/05/2019 dtd. 27/12/2019, CEZO-I/37/2020-dtd. 25/9/2020 and CEZO-I/42/2020 dtd. 24/12/2020.

(2.) The crux of the allegations against the petitioner under Prevention of Money Laundering Act, 2002, [hereinafter referred as 'PMLA'] complaint are that they have obtained loans from IDBI Bank to the tune of Rs.1301.76 Crores and Rs.1495.76 Crores from the same IDBI Bank and from the SBI Bank, Rs.1188.56 Crores. The loan borrowed by the said companies have facilitated mis-appropriation, manipulation of books of accounts through fictitious accounts and conversion of property of SIL by way of No.(1) Capital advances to potentially related party, (2) Sales and purchase with potentially related properties (3) bilateral transactions with properties related amongst themselves.

(3.) Thereafter, the petitioner and the company for the purpose of routing of funds borrowed money from one Mr.Gowtham Raj Surana to the tune of Rs.33,09,80,860.00 for Global Industries, Rs.14,53,95,350.00 for Prince Enterprises and Rs.20,47,69,749.00 for Supreme Corporation. Totally, Rs.68,11,45,959..00 Similarly, from Mr.Shantilal Surana, a total sum of Rs.62,65,19,112.00 was borrowed from the above 3 companies, namely, for Global Industries, Prince Enterprises, and for Supreme Corporation. The similar transaction was done in the name of Mr.Vijayraj Surana to the tune of Rs.74,65,14,732.00 and in the name of Mr.Dinesh Chand Surana to the tune of Rs.80,99,23,739.00.