Bank of Baroda Fraud: ED Returns Rs 13.58 Crore in Assets to Victims
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Synopsis
The Enforcement Directorate (ED) has restored property worth Rs 13.58 crore to victims of money laundering in a case involving former HDFC Bank official Kamal Kalra. This significant action highlights the ED's commitment to returning Proceeds of Crime to rightful claimants.
Key Takeaways
- ED returned Rs 13.58 crore in assets to victims.
- Kamal Kalra's case investigated for money laundering.
- ED issued seven Provisional Attachment Orders.
- Investigations revealed fraudulent remittances to foreign companies.
- ED aims to ensure justice for victims of financial crimes.
New Delhi, March 8 (NationPress) In a pivotal action aimed at restoring the Proceeds of Crime (POC) to rightful claimants, the Enforcement Directorate (ED), Delhi Zonal Office has effectively returned property valued at Rs 13.58 crore to victims of money laundering and legitimate claimants related to the investigation of Kamal Kalra, a former official of HDFC Bank.
The ED's inquiry commenced following an FIR lodged by the Bank of Baroda (BoB) against 59 current account holders associated with various firms/companies, along with unidentified bank officials, for alleged violations under multiple sections of the IPC, 1860, and the Prevention of Corruption Act, 1988.
Investigations by the ED uncovered substantial remittances to several companies located in Hong Kong, SAR, China, and Dubai, facilitated in collusion with various hawala operators and businessmen, under the pretense of advance import payments and remittances for supposed software imports. Nonetheless, no actual imports occurred, and the accused presented forged documents to the bank.
Throughout the investigative process, the ED issued seven Provisional Attachment Orders, confiscating assets worth Rs 69 crore linked to various accused individuals and submitted five prosecution complaints to the Special Court.
On March 8, recognizing the intent of the PMLA to restore the Proceeds of Crime to genuine claimants and victims of money laundering, the ED presented a no objection to the Additional Session Judge for the release of attached property to the legitimate claimants and victims.
In light of the ED's submission, the Additional Session Judge issued an order to return the confiscated immovable properties to the bona fide legitimate claimants and victims of the money laundering offense.
“The return of properties to the rightful claimant and victim represents a crucial advancement in the ED's ongoing mission to ensure that the Proceeds of Crime are restored to those impacted. The ED remains committed to fighting financial crimes and delivering justice to victims of such offenses,” officials stated.
