LUCKNOW: The Lucknow zonal office of directorate of enforcement (ED) provisionally attached immovable assets amounting to Rs 3.91 crore (approx) in the case of Rajeev Tyagi and others under the provisions of the prevention of money laundering Act (PMLA), 2002. The assets include five residential flats in Dehradun in the name of M/s Suaj Exim Pvt Ltd.
The ED initiated an investigation based on an FIR registered by CBI, Ghaziabad under various sections of IPC, 1860 and the Prevention of Corruption Act, 1988, against M/s Sai Construction and Builders, Ghaziabad, its partners and others for alleged loan fraud.
The ED investigation revealed that Rajeev Tyagi, along with his wife Meenu Tyagi, through their partnership firm M/s Sai Construction and Builders, Ghaziabad, hatched a criminal conspiracy in connivance with other associates/guarantors.
They availed loans/financial facilities from the bank (erstwhile Corporation Bank and now Union Bank of India after the merger) by submitting fake/forged documents and inflated valuation reports of the mortgaged properties with the intention to defraud the bank.
The ED investigation also revealed that loans/financial facilities availed from the bank were layered/diverted/siphoned off through his personal accounts or through accounts of associated persons/entities. They subsequently utilised the same for purposes other than intended, resulting in default of loan repayment, which caused a huge loss to the public sector bank.
In the matter, the ED had earlier attached immovable properties valued at Rs 10.75 crore on Sept 17, 2024, in the name of Rajeev Tyagi, partner of M/s Sai Construction and Builders, and his sons Amartya Raj Tyagi and Kanishk Raj Tyagi, M/s SKT Garments Private Limited, and M/s S K Enterprises.
With this, the total value of attached properties via the 1st and 2nd PAO is Rs 14.66 crore in this case. Further, Rajeev Tyagi was arrested on Oct 16, 2024, for his involvement in the offence of money laundering and is presently in judicial custody.
Source Homevior.in
