ED restores ₹520.8 crore assets to Macrotech Developers
pre-market1 source ↓written by the desknot a recommendation
- in assets
- ₹520.8 crore
- are estimated
- ₹4,100 crore
The Enforcement Directorate (ED) has restored ₹520.8 crore in assets to Macrotech Developers following a Supreme Court order related to the Cox & Kings fraud case. The assets were previously attached under the Prevention of Money Laundering Act due to allegations of siphoning off funds to V Hotels Limited.
This restoration may enhance Macrotech's liquidity position, potentially impacting investor sentiment positively. The total proceeds of crime in this case are estimated at ₹4,100 crore.
Not investment advice. For informational purposes only.