ED Cracks Down on Real Estate Broker: Attaches Assets Worth Rs 14.89 Crore Under PMLA
The Enforcement Directorate's Lucknow Zonal Office has provisionally attached immovable assets worth Rs 14.89 crore of real estate broker Rajeev Tyagi and others under the Prevention of Money Laundering Act.
Enforcement DirectoratePrevention Of Money Laundering ActReal Estate BrokerLoan FraudPublic Sector BankReal EstateSep 23, 2024
The attached 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.
The ED initiated an investigation based on an FIR registered by the Central Bureau of Investigation (CBI), Ghaziabad, (UP) under various sections of the Indian Penal Code (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.
The 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 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.
About the Enforcement Directorate (ED)
The Enforcement Directorate is a law enforcement agency responsible for enforcing economic laws and fighting economic crime in India. It is part of the Department of Revenue, Ministry of Finance, and is headquartered in New Delhi.
About the Prevention of Money Laundering Act (PMLA)
The Prevention of Money Laundering Act, 2002, is a law enacted by the Parliament of India to prevent money laundering and to provide for confiscation of property derived from, or involved in, money laundering.
About the Central Bureau of Investigation (CBI)
The Central Bureau of Investigation is the primary investigative police agency in India. It is responsible for investigating a wide range of crimes, including corruption, economic crimes, and terrorism.
About the Union Bank of India
The Union Bank of India is a public sector bank in India. It was founded in 1919 and is headquartered in Mumbai. The bank provides a wide range of banking and financial services to its customers.
About Corporation Bank
Corporation Bank was a public sector bank in India. It was founded in 1906 and was headquartered in Mangalore. The bank merged with the Union Bank of India in 2020.
Frequently Asked Questions
What is the Enforcement Directorate?
The Enforcement Directorate is a law enforcement agency responsible for enforcing economic laws and fighting economic crime in India.
What is the Prevention of Money Laundering Act?
The Prevention of Money Laundering Act, 2002, is a law enacted by the Parliament of India to prevent money laundering and to provide for confiscation of property derived from, or involved in, money laundering.
What is the Central Bureau of Investigation?
The Central Bureau of Investigation is the primary investigative police agency in India. It is responsible for investigating a wide range of crimes, including corruption, economic crimes, and terrorism.
What is the Union Bank of India?
The Union Bank of India is a public sector bank in India. It was founded in 1919 and is headquartered in Mumbai. The bank provides a wide range of banking and financial services to its customers.
What is Corporation Bank?
Corporation Bank was a public sector bank in India. It was founded in 1906 and was headquartered in Mangalore. The bank merged with the Union Bank of India in 2020.
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