NEW DELHI: The Directorate of Enforcement (ED) has restored properties worth ₹40 crore to Indian Bank in connection with a money-laundering probe against M/s Saravana Stores (Gold Palace) and its partners.
The restoration was carried out in support of an application moved by Indian Bank under Section 8(8) of the Prevention of Money Laundering Act (PMLA), 2002. The properties had earlier been attached by the ED during the course of its investigation.
This is the second major restitution in the case. Earlier, the ED had facilitated the restoration of three properties valued at ₹235 crore to Indian Bank, following an order dated February 17, 2025, passed by the Special Court dealing with PMLA cases.
With the latest order, the total value of properties restored to the bank in the Saravana Stores (Gold Palace) case has now reached ₹275 crore, marking a significant recovery in favour of the public sector lender.
