ED restores SBI's assets worth Rs 79 crore in money laundering case

The Enforcement Directorate (ED), Hyderabad Zonal Office, has successfully restored properties worthy Rs 79.20 crore to the State Bank of India successful transportation with a wealth laundering lawsuit against Musaddilal Jewellers and others.

Based connected ED's initiative, the State Bank of India (SBI) filed restitution applications nether Section 8(8) of the Prevention of Money Laundering Act (PMLA), 2002 earlier the Special PMLA Court for the merchandise of moveable properties seized by the ED, Hyderabad Zonal Office.

The Central bureau said successful a merchandise connected Tuesday that it urged the Special Court to merchandise the seized magnitude to the rightful claimant, i.e. SBI successful the nationalist interest.

The tribunal done orders dated January 6 and February 3 allowed the petitions and ordered for merchandise of moveable properties successful the signifier of jewellery worthy Rs 79.20 crore. This jewellery was seized from the commercialized premises of Musaddilal Jewellers.

The ED has been investigating a wealth laundering lawsuit against Musaddilal Jewellers and others who had deposited much than Rs 111 crore successful demonetised currency instantly aft the demonetisation of high-value notes was declared successful 2016.

The ED probe revealed that demonetised currency was deposited nether the pretext of receipt of beforehand wealth from astir 6000 fake customers by creating fake invoices of little than Rs 2 lakh each. The probe besides revealed that the magnitude was deposited successful assorted slope accounts and was utilised towards the acquisition of golden bullion which was further sold. In this process, further Proceeds of Crime (POC) of Rs 28 crore were derived from specified sale.

The SBI had extended assorted recognition facilities to Musaddilal Jewellers which remained unpaid and the indebtedness accounts turned NPA successful July 2019. Musaddilal had outstanding dues to SBI of implicit Rs 120 crore arsenic of March 14, 2023.

The ED had seized movable properties worthy Rs 83.30 crore during searches conducted connected January 12, 2017 and April 15, 2019. Provisional attachment of movable and immovable properties to the tune of Rs 130.57 crore, including movable properties worthy Rs 83.30 crore seized during hunt operations, was besides done by the ED during the investigation.

This marks a important measurement successful ED's ongoing efforts to reconstruct properties to their rightful claimants and to guarantee that Proceeds of Crime are returned to those affected. ED continues to uphold its committedness to combating fiscal crimes and ensuring justness for victims of specified crimes, the bureau said.