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.