India, June 6 -- A special Prevention of Money Laundering Act (PMLA) court on Friday allowed restoration of assets worth around Rs.252 crore attached by the Enforcement Directorate (ED) to a UCO Bank-led consortium of lenders in the Gangakhed Sugar and Energy Ltd (GSEL) money laundering case, holding that the banks were victims of the alleged offence and had a legitimate interest in the properties as secured creditors.

GSEL promoter and RSP MLA Ratnakar Gutte was one of the accused in the money laundering case. Apart from UCO Bank, the consortium included Union Bank of India, Punjab National Bank, IDBI Bank and the Indian Renewable Energy Development Agency (IREDA). The assets that were provisionally attached in December 2020 included la...