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.

Resources

09 Mar 2026

Haworth India Hosts Women’s Leadership Panel Series

Haworth India marked International Women’s Day by hosting a leadership roundtable series titled ‘Give to Gain’, bringing together senior women leaders from architecture and design firms, corporates and project management consultancies. The series has been conducted in Delhi and Mumbai, with upcoming sessions scheduled in Bengaluru and Hyderabad on 27 March 2026. Structured as moderated panel discussions followed by audience interaction, the initiative examined the business impact of women’s leadership and the role of inclusive workplaces in supporting professional growth. Manish Khan..

Max Estates Secures RERA For Max One Project

Max Estates has secured RERA approval (UPRERA No.: UPRERAPRJ9759) for its Max One development around Max Towers in Sector 16B, Noida, bringing renewed progress to a project previously stalled following the insolvency of its earlier developer. Spread across around 10 acres with an estimated development potential of about 2.5 million sq ft, Max One is planned as an integrated mixed-use campus combining serviced residences, premium offices, retail spaces and a private club. The project is expected to generate total sales potential of about Rs 20 billion along with an estimated annuity rental inc..

Hindware Introduces Starc Smart Wall Mount Toilet

Hindware has introduced the Starc Smart Wall-Mount Toilet under its Hindware Italian Collection, designed to combine automation, hygiene and contemporary bathroom aesthetics. The model features automatic flushing, sensor-based seat opening and closing, and remote-controlled functions. It also includes an oscillating water spray and warm air dryer for cleaning, along with a self-cleaning nozzle designed to maintain hygiene. Additional features include adjustable heated seating, customisable water temperature and pressure settings, a foot-touch flush system and an LCD control interface. The wa..