ED Returns Rs 1.85 Crore to SBI in Sai Prasad Organics Money Laundering Case
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The Enforcement Directorate (ED), Surat Sub Zonal Office, has returned movable assets worth ₹1.85 crore (including interest) to the State Bank of India (SBI). These assets were recovered in connection with a money laundering case involving the company M/s Sai Prasad Organics Pvt. Ltd. and others.
Assets Returned as Per Court’s Order
This action was taken under the Prevention of Money Laundering Act (PMLA), 2002. The assets were returned after the Special Court dealing with PMLA cases in Ahmedabad Rural passed an order allowing it. The ED traced and attached the money that was obtained through illegal means and then ensured it was returned to SBI, the rightful claimant.
How the Case Started
The case began when the Central Bureau of Investigation (CBI), Banking Securities and Fraud Cell (BS&FC) in Mumbai, filed an FIR (First Information Report) on 29th January 2010. The FIR stated that Manoj Kumar Gupta, who was the Chief Manager at SBI’s Salabatpura Branch, was involved in a financial fraud.
The investigation found that Manoj Kumar Gupta helped transfer ₹12.12 crore into the account of M/s Sai Prasad Organics Pvt. Ltd. between 8th October and 30th October 2009. This was done by misusing his position and approving Letter of Credit (LC) transactions based on fake documents.
After starting its investigation, the ED attached assets worth ₹1.16 crore as proceeds of crime. This was done through a Provisional Attachment Order issued on 25th March 2015. Later, the Adjudicating Authority under the PMLA in New Delhi confirmed the attachment on 6th July 2015.
The ED also filed a prosecution complaint against Manoj Kumar Gupta and others in the Special PMLA Court in Ahmedabad. During the trial, SBI submitted a request to the court asking for the return of the attached properties under Section 8 of the PMLA. Since the ED had no objection, the court approved the request and allowed SBI to recover the attached money.
By returning ₹1.85 crore to SBI, the ED has shown its strong commitment to fight financial crimes and ensure that public money lost due to fraud is recovered and given back to the rightful owners. This case highlights the ED’s role in investigating and recovering money in financial fraud cases.
