ED Returns Rs 10 Crore Property to Genuine Claimants in Money Laundering Case
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Synopsis
The ED has returned a property worth Rs 10 crore to the rightful claimants in a significant move against money laundering. This action follows extensive legal proceedings and investigations, highlighting the ED's commitment to restoring the Proceeds of Crime to victims.
Key Takeaways
- ED's restitution of Rs 10 crore property.
- Investigation under the Prevention of Money Laundering Act.
- Involvement of the Central Bureau of Investigation.
- Conspiracy led to Rs 52 crore loss for STC.
- Commitment to combat financial crimes and justice.
New Delhi, March 22 (NationPress) In a notable action to restore the Proceeds of Crime (POC) to the rightful claimants, the Directorate of Enforcement (ED) has successfully returned a property valued at around Rs 10 crore to the victims affected by money laundering in the matter concerning M/s Priyanka Overseas Pvt Ltd & others.
The property was returned following a series of legal proceedings and investigations conducted under the Prevention of Money Laundering Act (PMLA).
The investigation commenced after the ED received information through an FIR lodged by the Central Bureau of Investigation (CBI), New Delhi, which stemmed from a complaint by the State Trading Corporation (STC). This complaint implicated Raj Kumar Jain and several STC officials in a conspiracy to finance M/s Priyanka Overseas Ltd for the export of wheat and rice in breach of STC regulations. This conspiracy resulted in a wrongful loss of Rs 52 crore to the STC.
Throughout the investigation, the ED enacted a Provisional Attachment Order for a property located at House No. 71, Block-B, Pocket-10, Sector-13, Dwarka, New Delhi. The Adjudicating Authority affirmed the attachment on September 12, 2018. The ED's investigation uncovered that the property had been mortgaged with the City Union Bank for a credit facility of Rs 9 crore obtained by Jain and others.
On December 18, 2024, the Delhi High Court instructed the ED to return the attached property to the City Union Bank, which had submitted a request for restitution. Subsequently, the ED presented a no-objection statement to the Special Court for the release of the property to the legitimate claimants and victims of the money-laundering offense.
On March 10, 2025, the Special Court (PMLA) issued an order to return the attached immovable property to the City Union Bank. This ruling represents a significant advancement in the ED's efforts to restore the Proceeds of Crime to the rightful claimants and victims, further reinforcing its dedication to fighting financial crimes and ensuring justice.
