CHENNAI: A special court in Chennai on Monday ordered restitution of properties worth Rs 235 crore attached by the Enforcement Directorate in a money laundering probe against Saravana Stores (Gold Palace) back to the Indian Bank.
The PMLA case is being investigated by ED based on an FIR filed by CBI alleging a fraud of Rs 240 crore worth loan given by the bank. The trial is yet to commence in the case.
ED had attached assets worth Rs 234.8 crore during the course of the investigation which was also confirmed by an adjudicating authority.
Ruling on a petition filed by Indian Bank under section 8(8) of the PML Act and rule 3A of the PMLA (Restoration of Property) Amendment Rules 2019, a special PMLA court ordered restitution of the properties attached by ED to the bank as they had been cheated by the accused.
ED had filed a no objection certificate (NOC) before the court, signalling their intent to allow the bank to take possession of the attached properties.