Surat: The Directorate of Enforcement (ED), Surat Sub-Zonal Office, has restituted movable properties valued at ₹1.85 crore (including accumulated interest) to the rightful claimant, i.e., the State Bank of India (SBI), in the PMLA case against M/s Sai Prasad Organics Pvt Ltd and others. This restitution of attached properties, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, was carried out in accordance with the order passed by the Ld. Special Court (PMLA), Ahmedabad Rural, the agency announced on Wednesday.

According to the official press release, the ED initiated an investigation under the PMLA on the basis of an FIR registered by the CBI in 2010. The investigation revealed that Manoj Kumar Gupta, formerly the Chief Manager at the State Bank of India, Salabatpura Branch, fraudulently discounted LCs in favour of M/s Sai Prasad Organisers Pvt Ltd using fake documents and transferred ₹12.12 crore to the account of M/s Sai Prasad Organics Pvt Ltd during the period from 08.10.2009 to 30.10.2009.

During the course of the investigation, proceeds of crime amounting to ₹1.16 crore were attached by the Directorate. Furthermore, a prosecution complaint was also filed before the Ld. Special PMLA Court, Ahmedabad, against Manoj Kumar Gupta and others. During the trial, an application under Section 8 of the PMLA seeking restitution of the attached movable properties was filed by SBI before the Ld. Court, which was not objected to by the ED. Accordingly, the Ld. Special Court (PMLA), Ahmedabad, allowed the restitution, enabling the return of the said valuable assets to the rightful claimants, the press release further stated. DeshGujarat