The Enforcement Directorate (ED) attached and later restituted properties worth crores to the Central Bank of India under the Prevention of Money Laundering Act (PMLA), in a case involving M/s Prakash Vanijya Private Limited and its promoter-director Manoj Kumar Jain.

According to the ED, Jain allegedly diverted loan funds to the tune of Rs 234.57 crore, allegedly obtained on the basis of inflated financial statements and forged documents. The ED attached properties worth Rs 199.67 crore in West Bengal and Chhattisgarh through four provisional orders, which were later confirmed.

In its statement, the agency said, “Recognising the urgent need to protect public interest and ensure recovery of public sector bank funds, several meetings were convened with senior officials of the Central Bank of India. The bank subsequently filed its application for restitution of attached properties, which was supported by a consent petition filed by the Directorate of Enforcement, enabling judicial consideration for restitution.”

On November 28, 2025, the Chief Judge of the City Sessions Court, Calcutta, allowed restitution of the attached properties to the bank, observing that it was entitled to recover its dues. The court also noted that the ED had raised no objection, subject to fulfilment of dues and deposit of any surplus before the competent PMLA authority.

As per the bank’s latest valuation report, the current realisable value of the properties stands at Rs 169.47 crore, following a market-linked reassessment during the restitution process.

The ED launched its PMLA probe after examining a CBI FIR, and said it traced the attached assets by tracking layered financial transactions.