Sun Mar 09 05:55:38 UTC 2025: ## ED Returns ₹13.58 Crore to Victims in Fake Imports Case
**New Delhi, March 9, 2025** – The Enforcement Directorate (ED) has returned assets worth ₹13.58 crore to victims of a major money laundering scheme involving fake imports and illegal overseas remittances. The case, which initially involved a Bank of Baroda complaint against 59 account holders, uncovered a complex network funneling approximately ₹3,200 crore through shell companies in Hong Kong, China, and Dubai.
The ED’s investigation revealed that the accused submitted false documents to the bank, claiming advance import remittances and software purchases, while no actual imports occurred. The agency issued seven provisional attachment orders seizing assets worth ₹69 crore and filed five prosecution complaints.
On March 8th, the ED, citing the Prevention of Money Laundering Act’s focus on restoring proceeds of crime to victims, successfully petitioned an Additional Session Judge to release the attached properties. The court’s order marks a significant victory in the ED’s efforts to recover funds for those affected by the fraud.
The investigation led to the arrest of several individuals, including Kamal Kalra, Chandan Bhatia, Sanjay Aggarwal, and exporter Gurucharan Singh. The ED uncovered a scheme where unscrupulous exporters overvalued goods, creating inflated invoices to receive extra duty drawbacks. The excess funds were then channeled through shell companies and transferred under the guise of advance remittances for fictitious imports.
First Piper 