• Feedback
  • RSS Feed
  • Sitemap
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home Nation

ED Restores SBI’s Assets Worth Rs 79 Crore In Money Laundering Case

OMMCOM NEWS by OMMCOM NEWS
February 11, 2025
in Nation
Enforcement Directorate

Hyderabad:  The Enforcement Directorate (ED), Hyderabad Zonal Office, has successfully restored properties worth Rs 79.20 crore to the State Bank of India in connection with a money laundering case against Musaddilal Jewellers and others.

Based on ED’s initiative, the State Bank of India (SBI) filed restitution applications under Section 8(8) of the Prevention of Money Laundering Act (PMLA), 2002 before the Special PMLA Court for the release of moveable properties seized by the ED, Hyderabad Zonal Office.

The Central agency said in a release on Tuesday that it urged the Special Court to release the seized amount to the rightful claimant, i.e. SBI in the public interest. The court through orders dated January 6 and February 3 allowed the petitions and ordered for release of moveable properties in the form of jewellery worth Rs 79.20 crore. This jewellery was seized from the commercial premises of Musaddilal Jewellers.

The ED has been investigating a money laundering case against Musaddilal Jewellers and others who had deposited more than Rs 111 crore in demonetised currency immediately after the demonetisation of high-value notes was declared in 2016.

The ED investigation revealed that demonetised currency was deposited under the pretext of receipt of advance money from around 6000 fake customers by creating fake invoices of less than Rs 2 lakh each. The investigation also revealed that the amount was deposited in various bank accounts and was utilised towards the purchase of gold bullion which was further sold. In this process, further Proceeds of Crime (POC) of Rs 28 crore were derived from such sale.

The SBI had extended various credit facilities to Musaddilal Jewellers which remained unpaid and the loan accounts turned NPA in July 2019. Musaddilal had outstanding dues to SBI of over Rs 120 crore as of March 14, 2023.

The ED had seized movable properties worth Rs 83.30 crore during searches conducted on January 12, 2017 and April 15, 2019. Provisional attachment of movable and immovable properties to the tune of Rs 130.57 crore, including movable properties worth Rs 83.30 crore seized during search operations, was also done by the ED during the investigation.

This marks a significant step in ED’s ongoing efforts to restore properties to their rightful claimants and to ensure that Proceeds of Crime are returned to those affected. ED continues to uphold its commitment to combating financial crimes and ensuring justice for victims of such crimes, the agency said.

(IANS)

Tags: Enforcement Directorate
ShareTweetSendSharePinShareSend
Previous Post

Odisha Targets 50% Reduction In Road Accidents By 2030

Next Post

Odisha Govt Inks MoU With Cure International India Trust For Clubfoot Management Programme

Related Posts

Siren
Nation

Delhi Govt Tests Air Raid Siren At ITO; Plans To Install 50 More

May 9, 2025
Supreme Court
Nation

Supreme Court Orders Andhra Deputy Collector’s Demotion For Violating HC Order

May 9, 2025
Jharkhand Woman
Nation

Jharkhand Woman Jumps Into Well With Three Children, All Kids Dead; Mother Critical

May 9, 2025
India Slams Pakistan
Nation

India Slams Pakistan For Sinking To New Depths ‘In Quest For Disinformation’

May 9, 2025
Indian Armed Forces
Nation

Revealed: Pakistan Fired 300-400 ‘Turkish’ Drones, Tried To Infiltrate 36 Locations

May 9, 2025
Rajput Regiment Soldier
Nation

Sick Child Behind, Battlefield Ahead: Rajput Regiment Soldier Shakeel Chooses Duty Over Everything

May 9, 2025
Next Post

Odisha Govt Inks MoU With Cure International India Trust For Clubfoot Management Programme

Kingpin In Rs 1,000 Crore Kerala CSR Scam Anandhu Krishnan Denied Bail

LoC In Poonch

J&K: Two Soldiers Including Captain Killed In Landmine Explosion In Akhnoor Sector

Khimji
TPCODL
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.