India, June 29 -- In an important development, a special PMLA (Prevention of Money Laundering Act) court on June 25 allowed restoration of assets Rs.952 crore attached by the Enforcement Directorate (ED) in a money laundering case against Infrastructure Leasing & Financial Services Ltd (IL&FS), its group companies, and associated entities. The property - Surat-based plant of Vadraj Cement Limited - would be restored to Nuvoco Vistas Corporation Ltd, which has taken over the defunct company through a resolution process.

The Mumbai zonal office of the agency initiated investigation under the PML Act against IL&FS and associated entities for their alleged involvement in the generation and laundering of proceeds of crime (POC).

During the c...