Bank fraud: ED restores property worth Rs 13.58 crore to victims

The Enforcement Directorate (ED) has restituted property worth Rs 13.58 crore to victims and rightful claimants in the Bank of Baroda money laundering case, officials said on Sunday.

“This restitution marks a significant step in the ED’s efforts to ensure that proceeds of crime (POC) are returned to those affected,” an official stated.

The ED launched its investigation based on an FIR filed by Bank of Baroda against 59 current account holders and unidentified bank officials under various sections of the IPC, 1860, and the Prevention of Corruption Act. The probe revealed that large sums were remitted to companies in Hong Kong, China and Dubai through hawala operators under the pretext of advance import payments and software imports. However, no actual imports occurred, and the accused submitted fake documents to the bank.

During the investigation, the ED issued seven provisional attachment orders, seizing assets worth Rs 69 crore from the accused and filed five prosecution complaints before a special court.

On March 8, in line with the Prevention of Money Laundering Act (PMLA), the ED submitted a no-objection request for the release of attached properties to bona fide claimants and victims. Based on this, a sessions court ordered the restitution of the attached immovable properties.