New Delhi, Oct. 10 -- The Enforcement Directorate (ED), Visakhapatnam Sub-Zonal Office today said that they have successfully accomplished the process of restitution of properties worth Rs. 56.13 Crore (present market value) under the provisions of the Prevention of Money Laundering Act (PMLA).
The said properties were attached during PMLA investigations in two cases related to large scale fraud in processing and sanctioning of loans under Kisan Credit Card (KCC) for the construction of ponds/tanks for farmers of fish farming/pisciculture. The loans were sanctioned at the Bhimavaram and Palangi branches of IDBI Bank in the state of Andhra Pradesh.
The ED initiated PMLA investigation in the two cases based on FIRs registered by the CBI, Vi...