Mumbai PMLA Court Orders Restoration of ₹393.79 Crore ED-Attached Assets

A bank fraud is when people trick a bank into giving money they should not get.

A company called Nakoda Limited and its leaders were accused of doing this.

They supposedly tricked 13 banks, led by Canara Bank, into giving money worth about 828 crore rupees.

The banks gave them special letters of credit, but the company never really supplied the goods.

A group called the Enforcement Directorate, which catches people hiding illegal money, found properties belonging to the company.

They took control of these properties.

Later, a court in Mumbai decided the properties should be given back.

The properties are worth about 393.79 crore rupees.

They will now go to a person called a liquidator, whose job is to share a bankrupt company's remaining money fairly.

The court said this helps return the money to people who honestly deserve it.