ED Restores Rs. 13.58 Crore in Proceeds of Crime to Victims in Kamal Kalra Money Laundering Case
(Judicial Quest News Network)
In a significant move towards ensuring justice and restoring the Proceeds of Crime (POC) to rightful claimants, the Directorate of Enforcement (ED) has successfully restituted assets valued at Rs. 13.58 Crore to victims of money laundering and legitimate claimants in the Kamal Kalra case. This step, which reflects the ED’s commitment to fighting financial crimes, was taken following a resolution passed by the Hon’ble Additional Session Judge on March 8, 2025.
The investigation, initiated by the ED based on an FIR filed by Bank of Baroda, uncovered a large-scale money laundering operation involving 59 current account holders, firms, and unknown bank officials. The accused were found to have remitted substantial amounts to companies in Hong Kong, SAR, China, and Dubai under the guise of advance import payments and software imports, with no actual goods or services delivered. The ED’s probe revealed the use of fake documents submitted to the bank to facilitate the illegal transactions.
In the course of the investigation, the ED issued seven Provisional Attachment Orders, attaching assets worth Rs. 69 Crore. Five Prosecution Complaints were filed before the Hon’ble Special Court. On March 8, 2025, the ED submitted its no-objection stance before the Hon’ble Additional Session Judge for the release of the attached properties to the bona fide claimants and victims. In response, the court issued an order to restore the immovable properties to those rightful owners.
This restitution underscores the ED’s unwavering commitment to ensuring that those affected by financial crimes receive their due, while continuing its pursuit of justice in money laundering cases.
