Enforcement Directorate Handover: Rs 180.87 Cr Returned to Banks

The Enforcement Directorate (ED) has transferred properties and assets worth Rs 180.87 crore to a consortium of banks victimized by the Zoom Developers fraud. This restitution process was carried out under the provisions of the Prevention of Money Laundering Act (PMLA), which allows for the return of attached property to claimants during the trial. The move highlights the agency’s commitment to tackling high-profile economic offenses and ensuring that financial malfeasance does not go unpunished. The banks can now utilize these high-value real estate assets to offset their losses.