New Delhi, Feb 6 (IANS) The Enforcement Directorate (ED) has filed a charge sheet at a special court in Ghaziabad, accusing multiple individuals and firms of being involved in a significant loan fraud case.
The complaint, filed on December 13, 2024, includes charges under the Prevention of Money Laundering Act (PMLA), 2002, against Rajeev Tyagi, M/s Sai Construction and Builders, M/s S.K. Enterprises, M/s S.K.T. Garments Pvt. Ltd., M/s SUAJ Exim Pvt. Ltd., Vikas Tyagi, and M/s Dehradun Minerals Pvt. Ltd.
The court took cognisance of the prosecution complaint on February 3 in connection with a case that was initially registered by the CBI, Ghaziabad, under various sections of the Indian Penal Code (IPC) and the Prevention of Corruption Act, 1988.
The investigation stems from an alleged loan fraud carried out by M/s Sai Construction and Builders and its partners, who are accused of defrauding public sector banks through the submission of forged documents and inflated property valuations.
According to the ED’s findings, Rajeev Tyagi and his associates at M/s Sai Construction and Builders were involved in a criminal conspiracy.
They allegedly conspired with other associates and guarantors to secure loans and financial facilities from the erstwhile Corporation Bank (now Union Bank of India) by submitting fraudulent documents and inflated property valuations to deceive the bank.
The investigation revealed that the loans obtained from the bank were diverted and siphoned off through various accounts, including those of associated individuals and entities.
These funds were misused for purposes other than intended, leading to default in loan repayments and a significant loss to public sector bank.
In addition to the charges of money laundering, the ED has provisionally attached assets worth Rs 14.66 crore, primarily in the form of immovable properties, pending confirmation by the Adjudicating Authority.
The assets were attached through Provisional Attachment Orders (PAOs) dated September 20, 2024, and December 11, 2024, which included an amount of Rs 7.07 crore and Rs 3.91 crore, respectively.
Rajeev Tyagi, one of the key accused, was arrested on October 16, 2024, for his alleged role in money laundering activities. The investigation is ongoing, and further actions are being pursued.
–IANS
brt/pgh
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
