Directorate of Enforcement (ED), Surat Sub Zonal Office has successfully restituted movable
properties valued at Rs. 1.85 Crore (including accumulated interest) to the rightful claimant i.e. State
Bank of India (SBI) in the PMLA case against M/s Sai Parsad organics Pvt Ltd and others. This
restitution of attached properties under the provisions of the Prevention of Money Laundering Act
(PMLA), 2002, was made in accordance with the order passed by the Ld. Special Court (PMLA),
Ahmedabad Rural. This significant development not only underlines this Directorate’s relentless
efforts to trace and attach Proceeds of Crime (PoC) but also reinforces its unwavering commitment to
ensure that the money is restored to the rightful claimants or “victims of money laundering”.
ED initiated investigation under PMLA on the basis on an FIR no. 2 (E)/2009, dated 29.01.2010
registered by the CBI, BS&FC, Mumbai. Investigation revealed that Manoj Kumar Gupta, formerly the
Chief Manager, State Bank of India Salabatpura Branch, has by his acts of omission and commission
fraudulently discounted LC in favour of M/s Sai Prasad Organisers Pvt Ltd on the strength of fake
documents and has transferred Rs. 12.12 Crore in the Account of M/s Sai Prasad Organics Pvt Ltd.
during the period from 08.10.2009 to 30.10.2009.
During the course of investigation, Proceeds of Crime amounting to Rs. 1.16 Crore was attached by
this Directorate vide Provisional Attachment Order (PAO) No. 01/2015 dated 25.03.2015 and the Ld.
Adjudicating Authority, PMLA, New Delhi confirmed the said PAO vide its order dated 06.07.2015.
Further, Prosecution Complaint was also filed before the Ld. Special PMLA Court, Ahmedabad
against Manoj Kumar Gupta & Others.
During the course of trial, an application under section 8 of the PMLA, seeking restitution of the
attached movable properties was filed before the Ld. Court by the SBI which was not objected by ED.
Accordingly, the Ld. Special Court (PMLA), Ahmedabad, allowed the restitution, enabling the return
of said valuable assets to rightful claimants.
