New Delhi, Oct 7 (UNI) In a significant move, the Delhi Zonal Office of the Enforcement Directorate (ED) has restored proceeds of crime worth Rs 1.34 crore to the rightful claimant, IDBI Bank, in a case involving Kamal Kalra.
The ED initiated its investigation under the Prevention of Money Laundering Act (PMLA) based on a First Information Report (FIR) filed by the Bank of Baroda.
The FIR was against 59 current account holders of various firms and companies, as well as unknown bank officials, for offences under the Indian Penal Code and the Prevention of Corruption Act.
The ED’s investigation revealed that huge sums were remitted to several companies based in Hong Kong (SAR, China) and Dubai. These transactions were facilitated in connivance with hawala operators and businessmen under the guise of advance import payments and remittances for software imports.
However, no subsequent imports occurred, and the accused submitted fake documents to the bank.
During the investigation, the ED issued seven Provisional Attachment Orders, seizing assets worth Rs. 69 crore belonging to various accused individuals. It also filed five Prosecution Complaints before the Special Court.
On August 23, 2025, upholding the intent of the PMLA to restore the proceeds of crime to bona fide claimants and victims, the ED submitted a no-objection to the Hon’ble Additional Sessions Judge for the release of the attached property to the legitimate claimant, IDBI Bank Ltd.
Based on the ED’s submission, the Hon’ble Additional Sessions Judge ordered the restitution of the attached immovable properties to IDBI Bank Ltd.
This move marks a significant step in the ED’s efforts to ensure that proceeds of crime are returned to those affected by financial fraud.
