Lucknow: ED Cracks Down on Real Estate Broker, Attaches Assets Worth Rs 14.89 Crore
The Enforcement Directorate (ED) has provisionally attached immovable assets worth Rs 14.89 crore of a real estate broker, Rajeev Tyagi, and others under the Prevention of Money Laundering Act (PMLA), 2002.
EdPmlaReal Estate BrokerLucknowMoney LaunderingReal Estate NewsSep 23, 2024
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.
The 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.
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.
Information
The Enforcement Directorate (ED) is a law enforcement agency responsible for enforcing economic laws and fighting economic crime in India. The ED is headquartered in New Delhi and has several zonal offices across the country.The Central Bureau of Investigation (CBI) is a premier investigating agency in India, responsible for investigating serious crimes, including corruption, and economic offenses.
Frequently Asked Questions
What is the Enforcement Directorate (ED)?
The Enforcement Directorate (ED) is a law enforcement agency responsible for enforcing economic laws and fighting economic crime in India.
What is the Prevention of Money Laundering Act (PMLA), 2002?
The Prevention of Money Laundering Act (PMLA), 2002, is a law aimed at preventing and controlling money laundering in India.
Who is Rajeev Tyagi?
Rajeev Tyagi is a real estate broker who has been accused of loan fraud and money laundering.
What is the value of the assets attached by the ED?
The ED has provisionally attached immovable assets worth Rs 14.89 crore (approx.) in the case of Rajeev Tyagi and others.
What is the next step in the investigation?
Further investigation is underway in the case.
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