The Enforcement Directorate (ED) has returned property worth Rs 3.50 crore to victims of a money laundering scheme related to a “software import” fraud. The ED’s investigation uncovered large sums transferred to companies in Hong Kong, China, and Dubai through illicit means, under the guise of advance import payments and software imports that never occurred.
The ED took action by attaching assets totaling Rs 69 crore and filing five Prosecution Complaints in a Special Court. Following the intent of the Prevention of Money Laundering Act (PMLA) to restore proceeds of crime to legitimate claimants, the ED supported the release of the attached property to Kotak Mahindra Bank Ltd. and victims of money laundering.
In a significant move, the Additional Session Judge approved the restitution of the attached properties to the rightful claimants, marking a crucial step in the ED’s commitment to returning proceeds of crime to those impacted by such offenses.
