BENGALURU: In a significant move to restore the Proceeds of Crime (PoC) to rightful claimants, the Directorate of Enforcement (ED), Bengaluru zonal office is going to restitute properties valued at Rs 20.16 crore to victims of money laundering and rightful claimants in the case of Injaz International and others, which is being investigated by the agency.
“The ED initiated the investigation on the basis of a complaint by the then revenue inspector, Tahsildar office, Yelahanka, and an FIR was registered on September 7, 2018 by the Wilson Garden police station against Injaz International and its associated group under various Sections of the Prize Chits & Money Circulation Schemes (Banning) Act, 1978, Indian Penal Code, and the Chit Funds Act, 1982,” the ED stated in an official release on Monday.
The FIR is under investigation by the Financial Intelligence Unit, Criminal Investigation Department (CID).
“The ED investigation revealed that huge amounts were received in partnership firm Injaz International in the name of chit fund scheme and the funds was diverted for purchase of numerous immovable properties as well as for the personal expenses of the partners of the firm,” stated the central agency.
The ED had issued a Provisional Attachment Order, attaching multiple immovable assets belonging to the accused partnership firm and had subsequently filed a Prosecution Complaint before the Special Court.
“Considering the intent of the PMLA to restitute/ restore the PoC to the bonafide/legitimate claimants and the victims of the offence of money laundering, the ED submitted no objection before the Principal City Civil & Sessions Judge for the release of properties attached, in reply to the application filed by the Competent Authority to them.
The court passed an order to restitute the attached immovable properties to the legitimate claimants and the victims. This is a significant step in the agency’s efforts to ensure that the PoC are returned to those affected,” ED said.
