New Delhi, Oct. 7 -- In a significant move, the Delhi Zonal Office of the Enforcement Directorate (ED) has restored proceeds of crime worth Rs 1.34 crore to the rightful claimant, IDBI Bank, in a case involving Kamal Kalra.
The ED initiated its investigation under the Prevention of Money Laundering Act (PMLA) based on a First Information Report (FIR) filed by the Bank of Baroda.
The FIR was against 59 current account holders of various firms and companies, as well as unknown bank officials, for offences under the Indian Penal Code and the Prevention of Corruption Act.
The ED's investigation revealed that huge sums were remitted to several companies based in Hong Kong (SAR, China) and Dubai. These transactions were facilitated in connivan...