Chennai, Sept. 5 -- The Special Court for CBI cases, also the designed courtunder the Prevention of Money Laundering Act (PMLA), 2002, in Chennai hasdirected the Enforcement Directorate (ED) to release properties worth Rs 70 croreattached in the Saravana Gold Palace case, restoring them to Axis Bank.
The Principal Special Judge passed the orders on a criminal miscellaneous petitionfiled by the Axis Bank and ordered ED to restore/release the attached properties,while allowing the petition filed by the bank seeking release of mortgaged propertiesattached by the ED.
The bank had sanctioned loans of Rs 118.88 crores to Saravana Stores (Gold Palace),secured by immovable properties acquired prior to the loans.
The Loans turned NPA in 2019 and ...