Bengaluru, Oct 6 In a significant move to restore the proceeds of crime to rightful claimants, Bengaluru Zonal Office of Enforcement Directorate (ED) is going to restitute properties valued at Rs 20.16 crore to victims committing the offence of money laundering and rightful claimants in the case of Injaz International and others, being investigated by the central agency, the official statement said on Monday.
The ED initiated investigation on the basis of a complaint by the Revenue Inspector at the Tahsildar Office in Bengaluru's Yelahanka and an FIR dated September 7, 2018, registered by the Wilson Garden Police Station against Injaz International and its associated group, under various sections of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978, IPC 1860, and the Chit Funds Act, 1982.
The FIR is presently under investigation by the Financial Intelligence Unit of the Criminal Investigation Department in Bengaluru.
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.
During the investigation, the ED issued a provisional attachment order, attaching multiple immovable assets belonging to the accused partnership firm and subsequently filed a prosecution complaint before the Special Court.
Considering the intent of PMLA to restitute/restore the proceeds of Crime to the bonafide/legitimate claimants and the victims of the offence of money- laundering, the ED submitted no objection before the Principle City Civil and Sessions Judge for the release of properties attached in reply to the application under sections 8(8) of PMLA, 2002, filed by the competent authority to the bonafide/legitimate claimants and the victims of the offence of money laundering in the matter.
Based on the submission of ED, the Principle City Civil and Sessions Judge was pleased to pass an order to restitute the attached immovable properties to the bonafide/legitimate claimants and the 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, the ED statement said.
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