Kolkata, 17 July (H.S.):

The Kolkata Zonal Office of the Enforcement Directorate (ED) has returned assets worth ₹9.56 crore to the rightful claimant in connection with a money laundering case. The assets belonged to Kaushik Global Logistics Limited (KGLL) and were handed over to the official liquidator appointed by the National Company Law Tribunal (NCLT), Kolkata.

The action was taken in compliance with an order from the Special Court under the Prevention of Money Laundering Act (PMLA), 2002. According to the agency, the returned properties comprise 10 immovable and 9 movable assets.

The case originates from a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI), Kolkata. During its probe, the ED found that KGLL directors Dhananjay Singh, Sanjay Singh, and Mrityunjay Singh had availed credit facilities and term loans worth ₹85.39 crore from the State Bank of India. These loans turned into Non-Performing Assets (NPAs) on June 30, 2013, with an outstanding balance of ₹60.38 crore at the time.

The loans were originally sanctioned for the procurement of Volvo and Mercedes buses and to operate passenger transport services. However, according to the ED, the accused misused the funds. They allegedly created a fake bank account under the name Volvo Bus India Pvt. Ltd. and conducted complex transactions through this and other accounts at Dena Bank (now Bank of Baroda). The funds were diverted for building fixed assets, repaying other loans, and meeting personal financial needs.

During the course of the investigation, the ED attached proceeds of crime amounting to ₹10.86 crore through two provisional attachment orders. The agency stated that this recovery demonstrates its continued efforts not only to identify and seize properties acquired through money laundering but also to ensure that such assets are restored to their lawful claimants or victims.

Hindusthan Samachar / Satya Prakash Singh