ED restitutes property worth Rs 12.73 crore in Chennai's Saidapet Taluk

The Enforcement Directorate (ED) said on Monday that it has "restituted" a property valued at Rs 12.73 crore in Chennai's Saidapet Taluk to its rightful claimant in an anti-money laundering case, the agency said in a release.

In a significant move to restore the Proceeds of Crime to rightful claimants, the Directorate of Enforcement (ED), Chennai office, has successfully restituted property valued at Rs. 12.73 Crore to victim and rightful claimant in an anti-Money Laundering case being investigated by ED, the ED said.

ED initiated investigation on the basis of an FIR registered by the Central Crime Branch (CCB), Chennai. The FIR was registered on the basis of complaint of illegal land grabbing.

"ED investigation revealed that a group of land grabbers had unlawfully encroached upon land situated at Saidapet Taluk, Chennai. These land grabbers subsequently sold the property to a third party by forging documents and falsely claiming ownership," it added.

As a result of these findings, the ED issued a Provisional Attachment Order on March 21, 2017, attaching the property valued at Rs 11.40 crore which was later confirmed by the Adjudicating Authority. Further, a Prosecution Complaint was filed before the Hon'ble Principal Sessions Judge Court, Chennai and cognizance of the same was taken.

"The current value of the property stands at Rs. 12.73 Crore, and its restitution to the rightful claimant and victim marks a significant step in the ED's ongoing efforts to ensure that the Proceeds of Crime are returned to those affected. ED continues to uphold its commitment to combating financial crimes and ensuring justice for victims of such crimes," the release added.