New Delhi, Aug 14 The ED has restored properties valued at Rs 12.79 crore to the liquidator of a company involved in a Rs 29.75-crore fraud against Punjab National Bank, an official said on Thursday.
The ED has restored properties valued at Rs 12.79 crore to Ashok Kumar Gupta, the liquidator of M/s Dynamic Shells (India) Private Limited, in a bank fraud case of Dynamic Shells (India) Private Limited & others, said the official.
The ED initiated an investigation on the basis of an FIR No. RCBDI2014/E/0003 on January 21, 2014 registered by CBI under various sections of IPC, 1860 and PC Act, 1988, against Dynamic Shells.
The ED investigation revealed that the proceeds generated out of the crime of forgery and cheating were siphoned off through the accounts of other dummy companies/firms, which were further either withdrawn in cash or diverted into the personal accounts of Shambu Prasad Singh, director, Dynamic Shells.
During the investigation under PMLA, properties valued at Rs 21.29 crore were provisionally attached u/s 5(1) of PMLA, 2002 vide Provisional Attachment Order (PAO) dated March 29, 2017, it said.
A Prosecution Complaint dated July 18, 2018, was filed in the subject case against Shambu Prasad Singh and others.
In the meantime, liquidator Ashok Kumar Gupta filed an application u/s 8(8) of PMLA, 2002, before the trial court on February 15, 2025, for restitution of an attached property.
The attached property included land and building (two-storied), an industrial shed and machinery, situated at 35, Sector-3, Industrial Growth Centre, Bawal, Haryana, valued at Rs 12.79 crore.
Punjab National Bank has also relinquished its charge over the said property in favour of the liquidator; therefore, the ED agreed to restore the attached properties to the liquidator, said the statement.
The trial court allowed the application for restoration of properties in an order issued on June 5, 2025, following which the ED handed them over to the liquidator, it said.
--IANS
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