New Delhi, Jan 8 In a significant move to restore the Proceeds of Crime (POC) to rightful claimants, the ED restituted property valued at Rs 3.50 crore to victims of the offence of money laundering linked to a "software import" fraud, an official said on Thursday.
The Directorate of Enforcement (ED), Delhi Zonal Office, initiated an investigation in the case of Kamal Kalra on the basis of an FIR filed by Bank of Baroda against 59 current account holders of firms/companies and other unknown bank officials for commission of offence under various Sections of IPC, 1860 and Prevention of Corruption Act, 1988.
The ED investigation revealed that huge amounts were remitted to various companies based in Hong Kong, China and Dubai, in connivance with several hawala operators and businessmen, in the guise of advance import remittances and remittances towards purported software import.
However, there was no subsequent software import, and the accused submitted fake documents to the bank, said the ED.
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 a Special Court (PMLA).
On December 23, 2025, considering the intent of PMLA to restitute/restore the 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 the property attached to the bonafide legitimate claimants - Kotak Mahindra Bank Ltd. and victims of the offence of money-laundering.
The Additional Session Judge passed an order to restitute the attached immovable properties to the bonafide legitimate claimants - Kotak Mahindra Bank Ltd. and victims of the offence of money-laundering, said the ED.
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 POC are returned to those affected.
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