Shimla, March 11, 2026
In a significant move to restore the proceeds of crime to the rightful claimants, the Directorate of Enforcement (ED) of Shimla has successfully restituted immovable properties valued at Rs 1.69 crore to the State Bank of India (victim bank) in the bank fraud case of M/s Arvind Casting Pvt. Ltd.
Earlier, immovable properties valued at Rs 1.44 Crore had also been restituted to the Bank of India by the ED in the instant case. The ED, in a statement on Wednesday, said it has initiated an investigation based on an FIR registered at the Police Station in Haroli, Una district.
Himachal Pradesh under various Sections of the IPC, 1860, against Arvind Casting Pvt. Ltd. and others relating to the allegation of fraudulently obtaining loans from financial institutions by creating fake documents and non-payment of the said loans.
ED investigation revealed that Arvind Casting Pvt Ltd and other related accused had obtained credit facilities in 2014 through misrepresentation, based on fake or forged documents, and had diverted the said funds to related entities instead of utilising them for the sanctioned purposes, thereby resulting in wrongful loss to the financial institutions.
Earlier, the ED had provisionally attached properties to the tune of Rs 3.51 crore, and the provisional attachment orders have been confirmed by the Adjudicating Authority of the PMLA.
Moreover, the ED has also filed a prosecution complaint before the Special Judge of Dharamsala on June 15, 2020, and the court took cognizance of it on March 1, 2021.
Considering the intent of the PMLA to restore proceeds of crime to bona fide legitimate claimants and victims of money laundering, the ED submitted a no-objection before the Special Judge of Dharamsala for the release of the attached immovable properties in favour of the State Bank of India.
Based on the ED’s submission, the Special Judge was pleased to pass an order on February 26, 2026, for the restitution of the attached immovable properties valued at Rs 1.69 crore to the State Bank of India.
Hence, the total value of immovable properties restituted to victim banks in the case stands at Rs 3.13 crore.(Agency)
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