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.

Infrastructure Transport

01 Jun 2026

MMRDA advances 250 m on Orange Gate–Marine Drive tunnel

The Mumbai Metropolitan Region Development Authority (MMRDA) has completed 250 m of underground tunnelling for the Orange Gate–Marine Drive Urban Road Tunnel using India’s largest slurry shield tunnel boring machine (TBM) deployed for an urban road project.The project involves twin tunnels extending over 7 km beneath critical transport corridors, including Central Railway, Western Railway and Metro Line 3. The work requires high-precision engineering to navigate densely developed urban infrastructure.Once completed, the tunnel is expected to reduce travel time between Orange Gate and Marin..

Hindustan Zinc Pays Rs 188.46 Billion in FY26

Hindustan Zinc contributed Rs 188.46 billion to the public exchequer in FY 2025-26, according to its 9th Tax Transparency Report. The contribution, equivalent to 46 per cent of the company’s revenue, included direct and indirect taxes, government royalties, dividends to the Government of India, withholding taxes and other statutory levies.The company’s five-year cumulative contribution to the exchequer stood at Rs 915.72 billion. In FY26, Hindustan Zinc reported revenue of Rs 408.44 billion, EBITDA of Rs 221.62 billion and profit after tax of Rs 138.32 billion. It also achieved its highest..

World of Concrete India 2026 Opens in Mumbai

Informa Markets in India will host the 12th edition of World of Concrete India 2026 from 3–5 June 2026 at the Bombay Exhibition Centre, Mumbai. The specialised B2B exhibition will bring together manufacturers, suppliers, contractors, developers, architects, consultants, infrastructure companies, project leaders and government stakeholders.The event is expected to feature over 350 brands and more than 18,000 trade professionals. It will cover concrete and cement, dry mortar, precast technologies, formwork, construction chemicals, industrial and commercial flooring, scaffolding, safety solutio..