In an important action to return stolen money to its rightful owners, the Enforcement Directorate (ED) office in Shimla has handed back properties worth about ₹289 crore to a group of banks led by the Bank of India. This case is related to a company named Indian Technomac Co. Ltd. (ITCOL).
What is the Case About?
The Himachal Pradesh Police had earlier registered an FIR (First Information Report) through its Crime Investigation Department (CID) against M/s ITCOL and its promoters (main people running the company). According to the FIR, the directors of ITCOL, along with some staff members of other companies and a few Chartered Accountants (CAs), were involved in a fraud.
They allegedly took loans from a group of banks by cheating them. This group of banks was led by Bank of India.
What Did ED Find During Investigation?
The ED began investigating the case under the Prevention of Money Laundering Act (PMLA). Here’s what they discovered:
- Between 2009 and 2013, ITCOL got large loans from a group of banks.
- They submitted fake project reports and showed fake sales to non-existent or shell companies to get the loans.
- Once they received the money, they did not use it for the business purposes the loans were meant for. Instead, the money was diverted or misused.
What Action Did ED Take?
In 2019, after gathering enough evidence, the ED temporarily seized (attached) properties worth ₹289 crore under the PMLA law. These included:
- Immovable properties like land in Sirmaur, Himachal Pradesh and Hauz Khas, New Delhi, worth around ₹190.95 crore.
- Movable properties like plant and machinery in Sirmaur, worth about ₹97.96 crore.
What Happened Next?
The ED understood that the purpose of the PMLA law is not just to punish the guilty, but also to return the stolen assets (called “Proceeds of Crime”) to the rightful people—in this case, the banks that were cheated.
So, the ED informed the court that they had no objection if the properties were handed over to the banks. They submitted this request to the Special PMLA Court in Shimla.
Final Outcome
After reviewing the case and ED’s request, the Special Judge (PMLA), Shimla, passed an order allowing the properties—both land and machinery—worth about ₹289 crore to be returned to the consortium of banks led by Bank of India.
