Daijiworld Media Network - New Delhi
New Delhi, Jan 8: The Enforcement Directorate (ED) in Shimla has restored immovable properties worth Rs 1.44 crore to the Bank of India in a money-laundering case linked to an alleged loan fraud by a private firm, officials said on Thursday.
In an official statement, the ED said the restitution pertains to a bank fraud case involving Arvind Casting, a company accused of securing loans on the basis of forged documents and later defaulting on repayment. The move was aimed at returning the proceeds of crime to a victim financial institution.
The agency’s investigation began following the registration of FIR No. 92 on May 19, 2014, at Haroli Police Station in Una district of Himachal Pradesh. The case was filed under multiple provisions of the Indian Penal Code against Arvind Casting and other accused individuals.
According to the ED, the accused fraudulently obtained credit facilities from banks in 2014 by misrepresenting facts and submitting fake and forged documents. The funds were allegedly siphoned off to related entities instead of being used for their intended purposes, causing significant losses to the lending institutions.
During the course of the probe, the ED had earlier provisionally attached assets valued at around Rs 3.51 crore. These attachments were later confirmed by the Adjudicating Authority under the Prevention of Money Laundering Act (PMLA).
Subsequently, the agency filed a prosecution complaint before the Special Judge (PMLA) in Dharamshala on June 15, 2020, which was taken cognisance of by the court on March 1, 2021.
Citing the core objective of the PMLA, which includes restoring proceeds of crime to genuine claimants and victims of money laundering, the ED later submitted a no-objection application before the Special Judge. The agency sought the release of a portion of the attached properties in favour of the Bank of India.
Acting on this submission, the Special Judge (PMLA), Dharamshala, on January 6, 2026, ordered the restitution of immovable properties worth Rs 1.44 crore to the Bank of India.