Rs 56 crore assets restituted in Era Infra probe: ED

NEW DELHI: ED has restituted assets worth over Rs 56 crore to the successful resolution applicant in the case of Era Infra Engineering Ltd . The company was accused of laundering over Rs 250 crore from a Rs 650-crore loan it had taken from UCO Bank .

NCLT had declared SA Infrastructure Consultants Pvt Ltd as the successful resolution applicant in June last year. Era Infra's portfolio spans airports, power plants, industrial projects and multiplexes, including work for PSUs, the private sector, CPWD and Asian Development Bank-aided initiatives.

After the new management sought transfer of all assets earlier attached, ED agreed to restore them. These included two tunnel boring machines and bank balances. A PMLA court approved the move, allowing restoration of assets worth Rs 56 crore.

"The company obtained a Rs 650-crore loan and siphoned off funds by diverting them to group firms for purposes beyond loan terms," ED said. The account was declared NPA in July 2013.

CBI filed an FIR against the company and its directors, after which ED began PMLA proceedings, issuing three attachment orders and filing a prosecution complaint in March 2021.