The Enforcement Directorate (ED) in Kolkata has taken action in a large-scale money laundering case, attaching assets valued at nearly ₹200 crore belonging to M/s Prakash Vanijya Private Limited and its promoter-director, Manoj Kumar Jain. The case falls under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
According to the ED, Jain is accused of defrauding the Central Bank of India of approximately ₹234.57 crore. The alleged fraud involved forged documents, diversion of loan funds, and a series of suspicious financial transactions.
Through four provisional attachment orders—later confirmed by the authorities—the ED seized properties worth ₹199.67 crore located across West Bengal and Chhattisgarh.
In an official statement, the ED highlighted that protecting public sector bank funds was a priority. Several meetings were held with senior officials from the Central Bank of India to fast-track recovery efforts. Following these discussions, the bank filed an application seeking restitution of the attached assets. The Enforcement Directorate supported this application through a consent petition, allowing the court to evaluate the matter for restitution.
On November 28, 2025, the Chief Judge of the City Sessions Court in Calcutta approved the restitution request, affirming that the bank had the legal right to recover its outstanding dues. The court also recorded that the ED had no objection, as long as all dues were settled and any surplus amount—after recovery—was deposited with the appropriate PMLA authority.
As per the bank’s most recent valuation report, the recoverable market value of the properties now stands at ₹169.47 crore. This updated value was determined after a market-based reassessment conducted as part of the restitution process. The ED stated that it identified and attached these assets by examining a complex trail of layered financial transactions. The money laundering investigation began after the agency reviewed an FIR filed by the CBI.
