Shimla, March 11 – In a significant move to return ill-gotten gains to rightful claimants, the Enforcement Directorate (ED) in Shimla has successfully recovered immovable properties worth Rs 1.69 crore from M/s Arvind Casting Pvt. Ltd. in the bank fraud case, and transferred them to the State Bank of India (the victim bank).
Earlier, the ED had also recovered immovable properties worth Rs 1.44 crore from the Bank of India in the same case. In a statement on Wednesday, the ED said that it had initiated an investigation based on a First Information Report (FIR) registered at the Police Station in Haroli, Una district.
The ED investigation revealed that Arvind Casting Pvt. Ltd. and other accused had obtained credit facilities in 2014 through misrepresentation, based on fake or forged documents, and had diverted the funds to related entities instead of using them for the intended purpose, thereby causing wrongful loss to the financial institutions.
The ED had previously provisionally attached properties worth Rs 3.51 crore, and the provisional attachment orders have been confirmed by the Adjudicating Authority under the Prevention of Money Laundering Act (PMLA).
Moreover, the ED also filed a prosecution complaint before the Special Judge in Dharamsala on June 15, 2020, and the court took cognizance of it on March 1, 2021.
Considering the intent of the PMLA to return proceeds of crime to legitimate claimants and victims of money laundering, the ED submitted a no-objection to the Special Judge of Dharamsala for the release of the attached immovable properties in favor of the State Bank of India.
Based on the ED's submission, the Special Judge passed an order on February 26, 2026, for the restitution of the attached immovable properties worth Rs 1.69 crore to the State Bank of India.
Therefore, the total value of immovable properties restituted to victim banks in the case stands at Rs 3.13 crore.