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ED i.e. Enforcement Directorate is now preparing to return the money to the victims of the scam. It is being said that it will be started by distributing Rs. 12 crore in Kolkata. The special thing is that during the Lok Sabha election campaign, Prime Minister Narendra Modi had said that a legal way is being explored to help the victims from the properties seized by ED.
According to media reports, the central agency will distribute the attached FDs worth Rs 11.99 crore of Kolkata’s Rose Valley Group of Companies among 22 lakh people. The accused companies had made these depositors deposit money by promising huge returns. On July 24, the PMLA court had asked the ED to transfer 14 attached FDs to the Asset Disposal Committee (ADC).
In an interview given to India Today in May, PM Modi had talked about distributing the money seized by ED among the poor. He had said, ‘I am working a lot on this, because I feel from my heart that these people have misused their position and looted the money of the poor and they should get it back.’ He had said, ‘If I have to make legal changes, I will do it. I am currently taking the help of the legal team. I have sought advice from the judiciary.’
found the way
It is reported that the Kolkata Court and ED have found a way to return the money to the victims under Section 8(8) of PMLA. It states that the properties seized by the ED can be returned to the claimants who have suffered huge losses due to money laundering crimes. To transfer such attached property, the ED will have to prepare a panchnama, which can be used during the trial.
The High Court had earlier given orders
The Calcutta High Court had already given an order directing the formation of an ADC, which will be headed by former judge Justice Dilip Kumar Seth. Its formation will include selling the properties of the accused company and depositing the money received from it in a separate account opened by the committee.
if the accused is acquitted
According to the Times of India report, the judge of the special court said, “I have also kept this in mind. Suppose the accused are acquitted after the trial, then what will happen to the restoration order? The answer is that whatever be the result of the trial, the investors will get their money back.”
