ED restores Rs 100 crore in assets to liquidator of Pixion Media Ltd - World News Network

New Delhi [India] January 30 (ANI): The Enforcement Directorate (ED) on Thursday restored assets worth Rs 100 crore to the liquidator of Pixion Media Ltd on behalf of a group of banks, the central agency confirmed in its statement.
The assets were previously attached under Sections of the Prevention of Money Laundering Act (PMLA) after an investigation revealed that the company’s former promoters had cheated the banks and siphoned off funds for private investments, the agency stated.
https://x.com/dir_ed/status/1884896948114833504
The ED initiated its probe based on seven FIRs registered by the Central Bureau of Investigation (CBI), New Delhi, against multiple group companies, including Pixion Media Pvt Ltd, Pearl Vision Pvt Ltd, Mahuaa Media Pvt Ltd, Century Communication Ltd, Pixion Vision Pvt Ltd, and Pearl Studios Pvt Ltd. The case revolves around Prabodh Kumar Tewari (alias PK Tewari), who allegedly orchestrated a fraud amounting to Rs 657.11 crore, defrauding banks through these entities, the ED said in its statement.
The agency continues its investigation into the larger financial irregularities linked to the case.

The seven FIRs were registered by the CBI authorities based on written complaints from corresponding bank officials – namely Punjab National Bank, Indian Overseas Bank, Oriental Bank of Commerce, State Bank of India, and Bank of India for committing fraud.
ED investigations revealed that PK Tewari and his family members availed the bank loans and cash credit limits dishonestly by submitting forged invoices, CA certificates, and insurance policies and siphoning off the loan funds.
“The loan funds were layered and rotated through a maze of transactions and finally ended up being used for the purchase of various assets in the name of family members and their related entities,” the agency added in its statement.
ED had conducted search operations on December 20, 2019 under section 17 of the PMLA at the various premises related to the said group entities and related persons.
Further, the investigation of ED led to the tracing of various assets acquired by PK Tewari in the name of his family members and related entities.
ED had attached various assets (Commercial and Residential properties, funds lying in the bank accounts) of the accused persons and related entities to the tune of Rs 156.33 crores under Section 5 of PMLA vide various attachment orders dated December 27, 2019, February 18, 2020, and June 30, 2020. The attachments were subsequently confirmed by the Adjudicating Authority, PMLA.
Thereafter, ED filed a prosecution complaint dated September 18, 2021 against 16 accused persons and the companies in the matter and prayed for confiscation of the properties attached.
The creditor Banks had initiated the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code (IBC) and a liquidator was appointed by NCLT vide order dated August 22, 2019.
ED had attached properties so as to restore the same to the legitimate claimants (which in the present case were banks). Since the banks (who were the creditors and legitimate claimants and for whose benefit and restoration the attachments were made by ED) through the liquidator filed an application before the Special PMLA Court for restoration of some of the properties attached, ED consented for restoration of the attached properties.
The court today accepted the submissions made by ED and restored the properties worth Rs 100 crore to the liquidator of Pixion Media Pvt Ltd and Pearl Vision Pvt Ltd. (ANI)

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