Mumbai: Special PMLA Court Orders Release Of ₹255 Crore ED-Attached Assets To Bank Consortium In Gangakhed Sugar Case
A Special PMLA Court in Mumbai has ordered the release of ₹255 crore worth of assets attached by the ED in the Gangakhed Sugar and Energy Pvt Ltd money laundering case. The properties will be handed over to a consortium of banks led by UCO Bank, which is seeking recovery of ₹854.87 crore in outstanding dues.
A Special PMLA Court allows the release of attached assets to a bank consortium pursuing recovery of dues in the Gangakhed Sugar loan fraud case | file pic [Representational Image]
Mumbai, June 5: The special PMLA court has ordered the release of properties worth Rs 255 crore attached by the Enforcement Directorate (ED) in connection with a money laundering case linked to the case registered by the CBI against MLA Ratnakar Gutte’s company Gangakhed Sugar and Energy Pvt Ltd. The properties will be released to the consortium of UCO Bank.
Background of the case
The CBI had, in February 2023, registered a case allegedly against Gutte, his family, and GSEPL in connection with an alleged bank loan fraud case. Based on the case registered by the CBI, the ED also initiated a money laundering probe. During the probe, the ED had attached several properties worth Rs 255 crore.
Court decision and recovery rights
The consortium of UCO Bank, Bank of India, Union Bank of India, Punjab National Bank, IDBI Bank, and IREDA had moved the court for release of the attached properties in its favour for recovery of losses. ED prosecutor Arvind Aghav contended that the attached properties were proceeds of crime.
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The court, after hearing both sides, observed that as per the recovery certificate issued by the Debt Recovery Tribunal, the applicant banks are entitled to recover a sum of Rs 854.87 crore.
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