NEW DELHI: The Enforcement Directorate‘s Lucknow Zonal Office provisionally attached immovable assets amounting to Rs 14.89 crore (approx.) in the case of real estate broker, Rajeev Tyagi and others under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, informed a press release on Monday.
According to the release, the assets include several immovable properties in the form of flats, commercial shops, residential and industrial plots, registered in the names of Rajeev Tyagi, partner of M/s Sai Construction and Builders, and his sons Amartya Raj Tyagi and Kanishk Raj Tyagi, M/s SKT Garments Private Limited, and M/s. SK Enterprises.
ED initiated an investigation based on an FIR registered by CBI, Ghaziabad, (UP) under various sections of IPC, 1860, and the Prevention of Corruption Act, 1988, against M/s Sai Construction and Builders, Ghaziabad, and its partners and others for alleged loan fraud.
ED investigation revealed that Rajeev Tyagi, along with his wife, Meenu Tyagi, through their partnership firm, viz., M/s Sai Construction and Builders, Ghaziabad, hatched a “criminal conspiracy” in connivance with other associates/guarantors and availed loans/financial facilities from the bank (erstwhile Corporation Bank and now Union Bank of India after the merger) by submitting fake/forged documents and inflated valuation reports of the mortgaged properties with the intention to defraud the bank, the release added.
ED investigation also revealed that loans/financial facilities availed from the bank were allegedly layered/diverted/syphoned off through his accounts or accounts of associated persons/entities, and subsequently utilised the same for other than intended purposes, resulting in default of loan repayment, which caused a huge loss to the public sector bank.
Further investigation is underway in the case.
