- Restitution of properties worth Rs 9.56 crore made to Official Liquidator of Kaushik Global Logistics Ltd
- Kaushik Global Logistics directors allegedly duped State Bank of India of Rs 85.39 crore in loans
- Loans sanctioned for buses were siphoned off via fictitious accounts and complex transactions
In a major breakthrough in its anti-money laundering efforts, the Enforcement Directorate (ED), Kolkata Zonal Office, has successfully restituted immovable and movable properties worth Rs 9.56 crore (approximately) to the Official Liquidator of Kaushik Global Logistics Ltd.
The 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 a special court at Bichar Bhawan, Kolkata.
The case pertains to a large-scale financial fraud in which the Directors of Kaushik Global Logistics Ltd. - Dhananjay Singh, Sanjay Singh, and Mritunjay Singh - allegedly duped the State Bank of India. They availed credit facilities and term loans amounting to Rs 85.39 crore, which turned into Non-Performing Assets (NPAs) by June 2013, with an outstanding of Rs 60.38 crore. These loans, sanctioned for purchasing Volvo and Mercedes buses for public transportation, were allegedly siphoned off using fictitious bank accounts and complex financial transactions.
The Enforcement Directorate had initiated a money laundering probe based on CBI FIRs. During its investigation, proceeds of crime worth Rs 10.86 crore were unearthed and attached under two Provisional Attachment Orders (PAOs), later confirmed by the Adjudicating Authority under PMLA.
A Prosecution Complaint was filed earlier against the company and its directors. Subsequently, the Official Liquidator appointed by the National Company Law Tribunal (NCLT), Kolkata filed an application under Section 8(8) of PMLA, 2002, seeking restitution of attached properties. The Special Court allowed the plea and directed the ED to hand over the assets.
In compliance, the Enforcement Directorate has now returned 10 immovable and 9 movable properties to the Liquidator - a move that highlights the agency's commitment to recovering and restoring illegally siphoned assets to rightful stakeholders.
This development marks another milestone in the Enforcement Directorate's broader mission to crack down on financial fraud and ensure justice for victims of economic offences.
