The Directorate of Enforcement (ED), Chennai Zonal Office, has facilitated the restoration of immovable properties worth ₹235 crore to Indian Bank in connection with a money-laundering case involving Saravana Stores (Gold Palace) and its partners.

According to a statement, the ED initiated investigation on the basis of a First Information Report (FIR) registered by the Central Bureau of Investigation. The complaint, filed by the Indian Bank, alleged a loss of approximately ₹312 crore. As part of the investigation, the ED attached immovable properties worth ₹274.75 crore, which were subsequently confirmed.

The ED filed a prosecution complaint before the special court under the Prevention of Money Laundering Act (PMLA). Meanwhile, Indian Bank, as the aggrieved party, filed an application under Section 8(8) of the PMLA, seeking the restoration of attached properties.

In the larger interest of the public, and to help the bank recover its dues, the ED supported the application and presented its legal arguments before the special court.

Ruling in favour

After a thorough examination of the case, the court ruled in favour of Indian Bank, and ordered the restoration of immovable properties valued at ₹235 crore.