New Delhi, Nov. 17 -- The Enforcement Directorate (ED), Mumbai Zonal Office, on Monday said that it has initiated the process for the restitution of immovable properties worth Rs 55.85 crore to the State Bank of India in the case of Varron Aluminium Private Limited.
"These assets were provisionally attached by the ED under Section 5 of the Prevention of Money Laundering Act (PMLA), as Varron Aluminium Private Limited and other group companies/persons had cheated the Bank and siphoned off bank funds for their personal benefits," an official said.
The ED initiated a PMLA investigation based on FIRs registered by the CBI, BS&FC, Mumbai, against Varron Aluminium Private Limited (VAPL) and others for defrauding the Bank of India and SBI to the...