Work out deposit value for releasing land: Court to ED, firm controlled by Anil Deshmukh

A division bench of Justice Mahesh S Sonak and Advait M Sethna was hearing an interim application by Premier Port Links Private Limited, argued through advocate Inderpal B Singh. seeking release of attached properties including 25 land parcels at Dhutum village in Uran on furnishing fixed deposit/bank guarantee of the equivalent amount or to the extent of the attachment value.

The interim application was filed by the firm earlier this year in its 2021 writ plea challenging the provisional attachment of assets by the ED  under the Prevention of Money Laundering Act (PMLA).

Additional Solicitor General  (ASG) Anil Singh for ED told the bench that while the agency had attached the property in 2021 when its market value was of Rs. 2.67 crore, there has to be some increase in FD to be submitted by the applicant firm considering its present value, which will be “much more.”

“You tell them what the value is. Today what is the value? That much they will give. How much do you think they should give a FD for how much?,” Justice Sonak orally questioned.

After ASG Singh submitted that the agency was not against releasing the property subject to the furnishing of FD, the petitioner’s lawyers can discuss the value with the officers of the agency.

Posting further hearing to October 15, the judge said,  “In the meanwhile, you (parties to the case) please have a talk. Try to work it out.”

The ED, which had booked Deshmukh in money laundering case, on July 16, 2021 had provisionally attached immovable assets worth Rs 4.2 crore belonging to Deshmukh and his family members under the PMLA in corruption cases including the applicant firm’s property.

The agency had stated that Deshmukh family had acquired the 50 per cent ownership in Premier Port Links Pvt. Ltd. including its assets.