New Delhi, March 22 In a significant move to return the Proceeds of Crime (POC) to rightful claimants, the Directorate of Enforcement (ED) has successfully restituted a property valued at approximately Rs 10 crore to the victims of money laundering in the case of M/s Priyanka Overseas Pvt Ltd & others.
The property was restituted following a series of legal proceedings and investigations under the Prevention of Money Laundering Act (PMLA).
The investigation was initiated by the ED based on an FIR filed by the Central Bureau of Investigation (CBI), New Delhi, in response to a complaint from the State Trading Corporation (STC). The complaint accused Raj Kumar Jain and several STC officers of conspiring to finance M/s Priyanka Overseas Ltd for the export of wheat and rice in violation of STC guidelines. This conspiracy led to a wrongful loss of Rs 52 crore to STC.
During the course of the investigation, the ED issued a Provisional Attachment Order for a property situated at House No. 71, Block-B, Pocket-10, Sector-13, Dwarka, New Delhi. The property was confirmed for attachment by the Adjudicating Authority on September 12, 2018. The ED's investigation revealed that the property had been mortgaged with the City Union Bank for a credit facility of Rs 9 crore obtained by Jain and others.
On December 18, 2024, the Delhi High Court directed the ED to return the attached property to City Union Bank, which had filed an application seeking restitution. Following this, the ED filed a no-objection statement before the Special Court for the release of the property to the legitimate claimants and victims of the money-laundering offence.
On March 10, 2025, the Special Court (PMLA) passed an order to restitute the attached immovable property to City Union Bank. This decision marks a major step in the ED's efforts to restore the Proceeds of Crime to the rightful claimants and victims, further strengthening its commitment to combating financial crimes and delivering justice.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor