ED restores Rs 274-cr worth assets in bank 'fraud' case

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..... ED restores Rs 274-cr worth assets in bank 'fraud' case
PTI News
Dated:- 1-3-2025
PTI
New Delhi, Mar 1 (PTI) The Enforcement Directorate has restored assets worth Rs 274 crore in a money laundering investigation linked to an alleged bank loan fraud. The case pertains to a company named PSL Limited. The money laundering case of 2020 stems from a CBI FIR which was filed on a complaint b .....

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..... y the Bank of Baroda, Mumbai against the said company and its directors on charges of criminal conspiracy, cheating and criminal misconduct. The directors of PSL Limited "diverted" loan funds of Rs 274.60 crore which was nothing but proceeds of crime, the federal agency said in a statement issued on Friday. The National Company Law Tribunal (NCLT) also initiated liquidation proceedings against P .....

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..... SL Limited in September 2020 and appointed a liquidator. The ED said it attached assets worth Rs 274.60 crore during the course of investigation and the Delhi High Court in March, 2023 directed to place the liquidation proceeds (of Rs 274.60 crore) in a fixed deposit with a nationalised bank in the name of the joint director of ED. "On February 27, considering the intent of PMLA to restitute/ re .....

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..... store the proceeds of crime to bona fide legitimate claimants and victims of the offence of money laundering, the ED submitted no objection before the Delhi High Court for release of the FDs of Rs 274 crore, along with interest accrued, to the liquidator to restore such properties to the bona fide legitimate claimants and victims of the offence," the agency said. The high court subsequently issue .....

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..... d an order for the restitution of the attached assets, it said. "The restitution of the properties to the rightful claimant and victim marks a significant step in the ED's ongoing efforts to ensure that the proceeds of crime are returned to those affected. "The ED continues to uphold its commitment to combating financial crimes and ensuring justice for victims of such crimes," the statement said .....

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