Kerala High Court Issues Notice On Plea By European Company Seeking Restoration Of ₹75 Crores Attached By ED In 2017

Justice Bechu Kurian Thomas has issued notice to the ED and the Standing Counsel has sought time for filing a statement.

The amount was attached by the ED since Trade International, an Indian proprietorship firm allegedly using forged shipping documents tried to fraudulently obtain 75 crores of rupees as sale consideration for the export of sunflower oil and sugar from a Bulgarian Company called Zvezda – AD.

As per the orders of the Bulgarian Insolvency Court, the petitioner company became the successor in the interest of Zvezda – AD when it became insolvent in 2017.

The counsel for the petitioners Advocate Guneet Singh Sidhu assisted by Advocates Pushpendra Bhadoriya and Radharaman Rajoriya submitted that the ED has also taken the stance earlier that the Bulgarian Company was a victim of the fraud committed by Trade International.

It was further argued that the ED raised questions regarding the bonafide of the petitioner company only when they filed a claim petition seeking restoration of Rs 75 crores.

The matter is listed for further hearing on April 11, 2024.

The plea is moved by Advocate Souradh C. Valson

Case title: Partner Lease OOD v Deputy Director, Directorate Of Enforcement & Ors.

Case number: CRL. M.C. 1689 of 2024