India's Enforcement Directorate restores ₹650 crore of properties to 2,312 homebuyers
→Asset-recovery teams must process ED court orders to transfer seized property titles
Change
India's Enforcement Directorate has restored ₹650 crore of immovable property to 2,312 homebuyers under court-backed Prevention of Money Laundering Act attachments while continuing verification and recovery of remaining proceeds of crime.
Why it matters
Identified immovable assets are now bound to restitution and transfer processes executed under the Prevention of Money Laundering Act and judicial directions. Attachment, recovery and confiscation proceedings are active for remaining proceeds of crime, and non-bailable warrants, proclamation orders and Fugitive Economic Offenders Act steps have been applied against absconding accused.
Implications
- — Legal teams for the accused SRS promoters must file appearances and legal responses immediately — failure has already produced non-bailable warrants, proclamation as absconders and initiation of Fugitive Economic Offenders Act and extradition steps.
- — Banks' loan-recovery and asset-recovery teams must submit and substantiate collateral and claim documentation to India's Enforcement Directorate during its ongoing verification now — claims not presented for verification risk exclusion from the attachment-and-recovery process.
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Source
View on Economic Times