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ED attaches ex-UP MLA's properties in money laundering case
Enforcement Directorate
The Enforcement Directorate (ED) on Friday said that it has attached 27 immovable properties worth Rs 72.08 crore of Uttar Pradesh’s former MLA Vinay Shankar Tiwari, his family members and relatives who are promoters, directors and guarantors of the Gangotri Enterprises Ltd in a money laundering case.
New Delhi: The Enforcement Directorate (ED) on Friday said that it has attached 27 immovable properties worth Rs 72.08 crore of Uttar Pradesh’s former MLA Vinay Shankar Tiwari, his family members and relatives who are promoters, directors and guarantors of the Gangotri Enterprises Ltd in a money laundering case.
The properties of the accused promoters, directors and guarantors were attached under the provisions of the Prevention of Money Laundering Act (PMLA).
The immovable properties attached are spread across many cities of Uttar Pradesh such as Lucknow, Maharaj Ganj and Gorakhpur district of Uttar Pradesh.
The ED registered a case on the basis of FIR registered by CBI against Gangotri Enterprises Ltd. and its promoters or directors or guarantors.
The ED said that its probe revealed that Gangotri Enterprises Ltd in collusion with its promoters, directors, guarantors fraudulently availed credit facilities to the tune of Rs 1,129.44 crore from consortium of seven banks lead by Bank of India.
“It was further revealed that the said credit facilities were not repaid and grossly diverted and misappropriated by Gangotri Enterprises Ltd. and its promoters, directors, guarantors in violation of banking norms causing wrongful loss to the tune of Rs 754.24 crore to the consortium of banks.,” the ED said.
