+
ED Freezes Rs.14.89 Crore in Fraud Case
ECONOMY & POLICY

ED Freezes Rs.14.89 Crore in Fraud Case

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.

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.

Next Story
Infrastructure Urban

ITCONS Gains on New Rs 3.5 Million Defence Contract

ITCONS E-Solutions is trading at Rs 549.00, up by Rs 12.10 or 2.25 per cent from its previous close of Rs 536.90 on the BSE. The scrip opened at Rs 549.00 and has touched an intraday high and low of Rs 549.00, with 200 shares traded so far.A BSE ‘MT’ group stock with a face value of Rs 10, ITCONS touched its 52-week high of Rs 767.00 on 25 September 2024 and a 52-week low of Rs 166.70 on 5 August 2024. Over the past week, the stock has fluctuated between Rs 560.00 and Rs 510.60. The company's current market capitalisation stands at Rs 3.3 billion.Promoters hold 58.22 per cent of the compan..

Next Story
Infrastructure Urban

Delhi Extends EV Policy Till March 2026

The Delhi government has extended its existing Electric Vehicle (EV) Policy until 31 March 2026, or until a revised version is approved. The decision was made during a Cabinet meeting chaired by Chief Minister Rekha Gupta on Tuesday.According to Transport Minister Pankaj Kumar Singh, the draft of the new policy will undergo broader public consultation before being finalised, prompting the extension to allow time for thorough stakeholder engagement.The consultation process will include inputs from citizens, environmental groups, academic institutions, industry experts, and private firms. Key fo..

Next Story
Infrastructure Urban

Ather Crosses 400 Fast Chargers in Maharashtra

Electric two-wheeler manufacturer Ather Energy announced on Thursday that it has surpassed 400 fast charging points under its Ather Grid network across Maharashtra.The company's fast charging infrastructure now spans 35 cities in the state, including key urban centres such as Mumbai, Nashik, Pune, and Nagpur."Crossing 400 fast chargers in the state is about giving riders the assurance that they'll always find a charger when they need one. As we expand our retail presence, the charging network will continue to grow in tandem to make EV ownership truly seamless," said Ravneet Singh Phokela, Chie..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?