Bengaluru, Oct 6 (NationPress) In a crucial initiative aimed at restoring the proceeds of crime to their rightful owners, the Bengaluru Zonal Office of the Enforcement Directorate (ED) is set to return properties worth Rs 20.16 crore to victims affected by the money laundering activities linked to Injaz International and others, as stated in an official announcement on Monday.

The ED's investigation commenced following a complaint from a Revenue Inspector at the Tahsildar Office in Yelahanka, Bengaluru, and an FIR dated September 7, 2018, lodged by the Wilson Garden Police Station against Injaz International and its affiliates. The allegations were made under multiple sections of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978, IPC 1860, and the Chit Funds Act, 1982.

The FIR is currently under scrutiny by the Financial Intelligence Unit of the Criminal Investigation Department in Bengaluru.

Findings from the ED investigation indicated that substantial funds were collected by the partnership firm Injaz International under the guise of a chit fund scheme. These funds were misappropriated for the acquisition of numerous real estate properties and the personal expenditures of the firm's partners.

Throughout the investigation, the ED issued a provisional attachment order, seizing various immovable assets belonging to the implicated partnership firm, and later filed a prosecution complaint with the Special Court.

In alignment with the intent of the PMLA to restore the proceeds of crime to genuine claimants and victims of money laundering, the ED presented no objections to the Principal City Civil and Sessions Judge regarding the release of the attached properties. This was in response to an application under sections 8(8) of the PMLA, 2002 from the competent authority, advocating for the legitimate claimants and victims.

Based on the ED's representations, the Principal City Civil and Sessions Judge granted an order for the restoration of the seized immovable properties to the bona fide claimants and victims of the money laundering offense.

This restitution marks a pivotal advancement in the ED's relentless pursuit to ensure that the proceeds of crime are returned to those who have been wronged.

The ED remains steadfast in its commitment to fighting financial crimes and delivering justice for the victims, as conveyed in their statement.