ED facilitates restitution of assets in illegal remittance case

The Enforcement Directorate has facilitated restitution of property valued at ₹3.50 crore to claimants in a case linked to illegal remittances to several companies abroad.

It is alleged that 59 current account holders in firms and unknown bank officials were involved in transferring large amounts to companies in Hong Kong, SAR, China, and Dubai, in connivance with several “hawala” operators and businessmen. The funds were sent in the guise of advance import remittances and remittances towards purported software imports.

However, there were no subsequent imports, and the accused submitted fake documents to the bank.

During the investigation, the ED issued seven provisional orders, attaching assets worth ₹69 crore belonging to various accused persons, and filed five prosecution complaints.

On December 23, 2025, the ED submitted to the court that it had no objection to the release of attached property to legitimate claimants: Kotak Mahindra Bank and other victims. The court passed an order to restitute the attached immovable properties.