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The Directorate of Enforcement (ED), Shimla, has returned immovable properties worth ₹1.44 crore to the Bank of India in a bank fraud case involving M/s Arvind Casting Pvt. Ltd. The bank is one of the victims in the case.
The ED began its investigation based on an FIR registered in May 2014 at Haroli Police Station in Una district of Himachal Pradesh. The case relates to allegations that the company and others had fraudulently obtained loans from financial institutions by using fake and forged documents and later failed to repay the loans.
During the investigation, the ED found that the accused had taken credit facilities in 2014 by misrepresenting facts and submitting forged documents. Instead of using the loan amount for approved purposes, the funds were diverted to related entities, causing financial losses to banks.
Earlier, the ED had provisionally attached properties worth around ₹3.51 crore in this case. These attachment orders were later confirmed by the Adjudicating Authority under the Prevention of Money Laundering Act (PMLA). The ED also filed a prosecution complaint before the Special PMLA Court in Dharamshala in June 2020, and the court took cognizance of the case in March 2021.
PMLA 2002 aims to return the proceeds of crime to genuine victims. The ED submitted a No Objection before the Special PMLA Court for the release of part of the attached properties in favour of the Bank of India.
Based on this, the Special PMLA Court, Dharamshala, passed an order on January 6, 2026, allowing the restitution of properties worth ₹1.44 crore to the Bank of India.
