Bengaluru, June 12 (IANS) In a significant move to restore the proceeds of crime to their rightful claimants, a Special Court under the Prevention of Money Laundering Act (PMLA) here has ordered the restitution of properties valued at Rs 8.41 crore to victims of money laundering and other legitimate claimants in a case involving the Ajmera Group and its associates, which is being investigated by the Enforcement Directorate (ED), an official statement said on Friday.
The ED had initiated its investigation based on multiple FIRs registered against the Managing Directors of the Ajmera Group, Bengaluru, under various provisions of the Indian Penal Code, 1860.
According to the allegations, entities associated with the group collected investments from members of the public by promising high returns. However, they allegedly cheated investors by neither paying the promised returns nor refunding the principal amounts invested.
The ED’s investigation revealed that substantial sums of money were diverted to the bank accounts of the group’s directors and other related individuals. These funds were subsequently used to purchase various properties in their names.
During the investigation, the ED issued a Provisional Attachment Order, attaching multiple assets belonging to various individuals connected to the case.
A prosecution complaint was also filed before the Special PMLA Court.
Considering the objective of the PMLA to restore the proceeds of crime to bona fide and legitimate claimants and victims of money laundering offences, the ED submitted a no-objection application before the Special Court seeking the release of the attached properties in favour of the genuine claimants and victims.
Accepting the ED’s submission, the Special PMLA Court ordered the release of the attached immovable properties to the bona fide claimants and victims of the offence. The restitution of these properties to the rightful claimants marks a significant step towards ensuring that the proceeds of crime are returned to those who suffered losses.
The Enforcement Directorate stated that it remains committed to combating financial crimes and ensuring justice for victims of such offences.
Over 1,000 investors were allegedly duped by the Ajmera investment firm after being promised high rates of interest. The firm illegally collected Rs 256.06 crore and siphoned the funds, leaving Rs 72.9 crore unpaid. The ED provisionally attached assets and properties worth Rs 8.41 crore.
Based on a charge sheet filed by the Central Crime Branch (CCB) of the Bengaluru police, the ED carried out further investigations.
The ED probe revealed that the accused had opened the partnership firms and accepted deposits from the general public without obtaining any licence/permission from the authorities — SEBI (Securities and Exchange Board of India) and RBI (Reserve Bank of India) — and without registering the business entity as an NBFC (Non-Bank Financial Corporation).
–IANS
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