IndiaPosted at: Nov 17 2025 5:06PM


ED initiates restitution of Rs 55.85 cr properties to SBI

New Delhi, Nov 17 (UNI) The Enforcement Directorate (ED), Mumbai Zonal Office, on Monday said that it has initiated the process for the restitution of immovable properties worth Rs 55.85 crore to the State Bank of India in the case of Varron Aluminium Private Limited.
"These assets were provisionally attached by the ED under Section 5 of the Prevention of Money Laundering Act (PMLA), as Varron Aluminium Private Limited and other group companies/persons had cheated the Bank and siphoned off bank funds for their personal benefits," an official said.
The ED initiated a PMLA investigation based on FIRs registered by the CBI, BS&FC, Mumbai, against Varron Aluminium Private Limited (VAPL) and others for defrauding the Bank of India and SBI to the tune of Rs 293.74 crore and Rs 401.25 crore, respectively. It was alleged by the investigating agency in its chargesheet that a Manual Letter of Credit of Rs 300 crore was issued by Canara Bank on behalf of VAPL in favour of its group company VACPL, and the same was discounted by the Bank of India against fake documents without proper verification.
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