New Delhi, Oct 6 (UNI) In a significant move, the Directorate of Enforcement (ED), Bengaluru Zonal Office, will restitute properties valued at Rs. 20.16 crore to the victims and rightful claimants in the Injaz International money laundering case.
The ED initiated its investigation based on a complaint from the Revenue Inspector, Tahsildar Office, Yelahanka, Bengaluru, and a subsequent FIR registered by the Wilson Garden Police Station. The case was filed against Injaz International and its associated group under various sections of the Prize Chits & Money Circulation Schemes (Banning) Act, the Indian Penal Code (IPC), and the Chit Funds Act. This FIR is currently under investigation by the Financial Intelligence Unit, Criminal Investigation Department, Bengaluru.
The ED’s probe revealed that the partnership firm, Injaz International, received large sums of money through a chit fund scheme. These funds were then diverted to purchase numerous immovable properties and cover the personal expenses of the firm’s partners.
During the investigation, the ED issued a Provisional Attachment Order for multiple immovable assets belonging to the accused firm and subsequently filed a Prosecution Complaint before the Special Court. In line with the objective of the Prevention of Money Laundering Act (PMLA) to restore the Proceeds of Crime (POC) to legitimate claimants, the ED submitted a no-objection before the Hon’ble Principal City Civil & Sessions Judge.
This was in response to an application filed by the Competent Authority under Section 8(8) of the PMLA, 2002, seeking the release of the attached properties to the victims.
Based on the ED’s submission, the court ordered the restitution of the attached immovable properties to the bona fide claimants and victims of the money-laundering offence. Returning these properties to the rightful owners marks a significant step in the ED’s efforts to ensure that the proceeds of crime are returned to those affected. The ED remains committed to combating financial crimes and securing justice for victims.
