+
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.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

KONE Opens India's First Digital Experience Centre in Pune

KONE, a global elevator and escalator manufacturer, has inaugurated its first Digital Experience Centre (DEC) in India, located in Pune. The facility aims to showcase how artificial intelligence (AI), connectivity and data-driven technologies can enhance customer experiences and improve building operations.The centre was inaugurated by Jussi Herlin, Executive Vice Chair, KONE Corporation; Philippe Delorme, President and CEO, KONE; and Nandan Nilekani, Co-founder and Chairman of the Board, Infosys.Designed as an interactive customer environment, the facility demonstrates digital solutions cover..

Next Story
Infrastructure Urban

CII GreenCo Launches Circularity Guidelines for Indian Industry

The Confederation of Indian Industry (CII) GreenCo Council has launched the CII GreenCo Circularity Guidelines – Pilot Version at the 17th CII GreenCo Waste & Resource Management Summit 2026 in Chennai. The initiative aims to strengthen resource efficiency, waste reduction and circular economy practices across Indian manufacturing and process industries.The guidelines introduce a structured framework with circularity indices covering raw materials, consumables, packaging and other resource inputs. These indicators will help industries assess existing practices, identify opportunities to ..

Next Story
Infrastructure Energy

Global Electronics Association Launches IPC-1783-CO2E Standard

The Global Electronics Association has introduced IPC-1783-CO2E, a new international standard aimed at improving consistency, transparency and comparability in product carbon footprint reporting across the electronics manufacturing industry.The standard, titled International Standard for Data Collection and Reporting of CO2 Equivalent (CO2e) Emissions for the Electronics Manufacturing Supply Chain, provides industry-specific guidance for collecting, estimating and reporting carbon emissions data.With increasing regulatory requirements and customer expectations, electronics manufacturers face c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code