New Delhi, March 11 (UNI) The Enforcement Directorate (ED), Shimla Zonal Office, has restituted immovable properties valued at ₹1.69 crore to the State Bank of India (SBI) in a bank fraud case related to Arvind Casting Pvt Ltd.
Earlier, immovable properties worth ₹1.44 crore had also been restituted in the case.
The ED initiated an investigation under the Prevention of Money Laundering Act (PMLA) based on an FIR registered at Police Station Haroli in Una district of Himachal Pradesh under various sections of the IPC against Arvind Casting Pvt Ltd. and others.
The case pertains to allegations of fraudulently obtaining loans from financial institutions by creating fake documents and subsequently defaulting on repayment.
The ED investigation revealed that Arvind Casting Pvt. Ltd. and other related accused had obtained credit facilities in 2014 through misrepresentation and on the basis of fake and forged documents.
The funds were allegedly diverted to related entities instead of being utilised for the sanctioned purposes, resulting in wrongful loss to the financial institutions.
Earlier in the case, the ED had provisionally attached properties worth approximately ₹3.51 crore. The provisional attachment orders were later confirmed by the Adjudicating Authority under the Prevention of Money Laundering Act.
The ED also filed a chargesheet before the Special Judge (PMLA), Dharamshala, in 2020.
Considering the objective of the PMLA, 2002 — to restitute the proceeds of crime to bona fide claimants and victims of money laundering — the ED submitted a No Objection before the Special Judge (PMLA), Dharamshala, for the release of the attached immovable properties in favour of the State Bank of India.
Based on the ED’s submission, the Special Judge (PMLA), Dharamshala, passed an order on February 26, 2026, allowing the restitution of attached immovable properties valued at ₹1.69 crore to the State Bank of India.
With this, the total value of immovable properties restituted to the victim bank in the case has reached ₹3.13 crore.
