PMLA case: ED restores properties worth Rs 235 crore to Indian Bank
The central agency initiated the case based on an FIR registered by the Central Bureau of Investigation (CBI) on a complaint by the Indian Bank, which alleged a loss of approximately Rs 312 crore due to fraud.
Directorate of Enforcement (ANI)
CHENNAI: The Directorate of Enforcement facilitated the restoration of immovable properties worth Rs 235 crore to the Indian Bank in connection with a money laundering case involving Saravana Stores (Gold Palace) and its partners.
The central agency initiated the case based on an FIR registered by the Central Bureau of Investigation (CBI) on a complaint by the Indian Bank, which alleged a loss of approximately Rs 312 crore due to fraud. Following an investigation, the ED attached immovable properties valued at Rs 274.75 crore, which was later confirmed by appropriate authorities.
Subsequently, the agency filed a prosecution complaint before the Special Court under the Prevention of Money Laundering Act (PMLA). Meanwhile, the Indian Bank, as the affected party, sought the restoration of these properties. In the interest of financial accountability, the ED supported the bank’s plea and presented its legal arguments before the court.
After reviewing the case, the Special Court ruled in favour of the bank, and ordered the restoration of properties valued at Rs 235 crore to it.
