MUSADDILAL GEMS AND JEWELS Vs. UNION OF INDIA

JUDGEMENT

(1.) Heard Sri B.Chandrasen Reddy, Learned Senior Counsel appearing for the petitioners and Sri T.Suryakaran Reddy, Learned Additional Solicitor- General, for the respondents.

(2.) The learned Senior Counsel for the petitioners submits that the petitioners are challenging the search and seizure conducted on 17/10/2022 and consequential panchanamas contrary to the Sec. 17 of the Prevention of Money Laundering Act (for brevity 'PMLA').

(3.) The learned Senior Counsel for the petitioner submits that the petitioner No.1-Company established in the year 2013 and commenced its business from October, 2016 and the petitioner Nos. 2 to 4 are the Directors of the petitioner No.1-Company. The Central Bureau of Investigation (CBI), Hyderabad registered a case against one Mr.Sukesh Guptha and the officials of MMTC for defrauding M/s MMTC Limited in purchase bullion under buyer's credit scheme in F.I.R.No.RC01/(A)/2013 dared 3/1/2013 and also filed charge sheet No.25/2014 dtd. 27/11/2014. The petitioner No.1 being independent company, neither the petitioner No.1-company nor its directors are related to the alleged offences registered against Mr.Sukesh Guptha and others. The respondents assuming that there was connection between the petitioners and the above offences, have conducted search in the year 2019 at the premises of the petitioner No.1 company and even at the residence of petitioners No.2 to 4 and has not found any relevant documents and also has not seized any cash, gold or jewellery.