New Delhi, March 8 In a significant move to restore the Proceeds of Crime (POC) to rightful claimants, the Enforcement Directorate (ED), Delhi Zonal Office has successfully restituted property valued at Rs 13.58 crore to victims of the offence of money laundering and rightful claimants in the case of Kamal Kalra, former HDFC Bank official, being investigated by ED.
ED initiated the investigation based on an FIR filed by the Bank of Baroda (BoB) against 59 current account holders of firms/companies and other unknown bank officials for the commission of offence under various Sections of IPC,1860 and Prevention of Corruption Act, 1988.
ED investigation revealed that huge amounts were remitted to various companies based in Hong Kong, SAR, China and Dubai, in connivance with several hawala operators and businessmen in the guise of advance import remittances and remittances towards purported software imports. However, there were no subsequent imports and the accused submitted fake documents before the bank.
During the investigation, the ED issued seven Provisional Attachment Orders, attaching assets worth Rs 69 crore belonging to various accused persons and filed five Prosecution Complaints before the Special Court.
On March 8, considering the intent of PMLA to restitute/restore the Proceeds of Crime (POC) to bonafide legitimate claimants and victims of the offence of money-laundering, the ED submitted no objection before the Additional Session Judge for the release of property attached to the bonafide legitimate claimants and victims of the offence of money-laundering in the matter.
Based on the aforesaid submission of ED, the Additional Session Judge passed an order to restitute the attached immovable properties to the bonafide legitimate claimants and victims of the offence of money laundering.
“The restitution of the properties to the rightful claimant and victim marks a significant step in the ED's ongoing efforts to ensure that the Proceeds of Crime are returned to those affected. The ED continues to uphold its commitment to combating financial crimes and ensuring justice for victims of such crimes,” officials said.
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