ED Freezes Rs.14.89 Crore in Fraud Case

25 Sep 2024 CW Team

The Enforcement Directorate's (ED) Lucknow Zonal Office has provisionally attached immovable assets valued at approximately Rs.148.9 crore in a case involving real estate broker Rajeev Tyagi and others, as announced in a press release. The action falls under the Prevention of Money Laundering Act (PMLA), 2002.

The attached assets consist of various immovable properties, including flats, commercial shops, and residential and industrial plots, registered in the names of Rajeev Tyagi, a partner at M/s Sai Construction and Builders, and his sons, Amartya Raj Tyagi and Kanishk Raj Tyagi, along with other associated entities.

The investigation was initiated following an FIR lodged by the CBI in Ghaziabad, Uttar Pradesh, under several sections of the Indian Penal Code (IPC), 1860, and the Prevention of Corruption Act, 1988. This FIR targeted M/s Sai Construction and Builders and its partners for alleged loan fraud.

According to the ED's findings, Rajeev Tyagi and his wife, Meenu Tyagi, allegedly orchestrated a "criminal conspiracy" with accomplices to secure loans and financial facilities from the erstwhile Corporation Bank, now Union Bank of India, by submitting fraudulent documents and inflated property valuations. This scheme aimed to defraud the bank, leading to significant loan defaults and substantial losses for the public sector bank.

Further investigations are ongoing as the ED seeks to unravel the full extent of the alleged fraudulent activities.

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