Shimla: The directorate of enforcement (ED), Shimla, has restored immovable properties worth Rs 1.69 crore to the State Bank of India (SBI) in connection with a fraud case allegedly involving a private firm (M/s Arvind Casting Private Limited).The properties were returned following an order of the special judge under the Prevention of Money Laundering Act (PMLA) in Dharamshala. Earlier, the ED also restored immovable assets valued at Rs 1.44 crore to the Bank of India (BoI) in the same case. With the latest restitution, total value of properties returned to the victim banks reached Rs 3.13 crore.The investigation began after an FIR was registered at Haroli police station in Una district under various sections of the IPC against M/s Arvind Casting Pvt Ltd and its associates. The case involves allegations of fraudulently securing loans from financial institutions by submitting forged and fabricated documents and subsequently defaulting on repayment.The ED’s probe revealed that the company and related accused obtained credit facilities in 2014 through misrepresentation and fake documentation. Instead of using the funds for the sanctioned purposes, the accused allegedly diverted the money to related entities, causing significant financial losses to the lending institutions.During the investigation, the ED provisionally attached properties worth around Rs 3.51 crore. These attachments were later confirmed by the adjudicating authority under PMLA. A prosecution complaint was initially filed before the special judge (PMLA), Dharamshala, in June 2020.
