ED restores assets worth $ 274 in the case of banking “fraud”

New Delhi, 1 Mar (PTI) Execution Directorate Restored Assets in Value ₹274 Crore in an investigation of money laundering related to an alleged fraud of the bank loan.

The case refers to a company called PSL Limited. The case of money laundering in 2020 comes from a CBI wire that was filed on a complaint by Banca Baroda, Mumbai against the mentioned company and its directors on the charge of criminal conspiracy, deception and incorrect criminal conduct.

PSL Limited Directors “Danderted” loan funds from ₹274.60 Crore which was only revenues of the crimes, the Federal Agency said in a statement issued on Friday.

The National Court of Law of Companies (NCLT) also initiated liquidation procedures against PSL Limited in September 2020 and appointed a liquidator.

Ed said he attached assets in value ₹274.60 crore during the investigation and the High Court of Delhi, in March 2023, guided to place the liquidation revenues (from ₹274.60 crore) in a fixed warehouse with a nationalized bank on behalf of the common director of ed.

“On February 27, given the intention of PMLA to restore/ restore the receipts of the crime to legitimate complaints of good faith and victims of the offense of money laundering, ED did not present any objection to the High Court of Delhi to issue FDS of FDS from ₹274 Crore, together with the accumulated interest, the liquidator to restore such properties to the legitimate applicants of good faith and the victims of the crime, ”said the Agency.

The High Court subsequently issued an order to return the attached assets, he said.

“The restitution of the properties to the applicant of law and the victim marks a significant step in the continuous efforts of ED to ensure that the income of the crime is returned to the affected.

“ED continues to keep their commitment to combat financial offenses and to provide justice for the victims of such crimes,” the statement shows.