In an unprecedented action, the Enforcement Directorate (ED) has issued a provisional attachment order for 1280 acres of land in California, USA owned by the Zoom Developers. The land is now worth Rs 1000 crore.
The official twitter account of the director, ED, says, "ED Indore attaches under PMLA (Prevention of Money Laundering Act) 1280 acres of land in California of Zoom Developers Pvt Limited and Vijay Choudhary in bank fraud case."
The land had been purchased in 2007 for US $ 7,000,000 through money the owners of Zoom Developers have allegedly siphoned from the State Bank of Bikaner and Jaipur, Mumbai.
Zoom Developers have been accused of siphoning off over Rs 2600 crores from several banks by the CBI and four charge-sheets have already been filed in this connection.
The ED, Indore unit has registered case of money laundering against Zoom Developers and arrested their company secretary Sharad Kabra in this connection. He is now in judicial custody.
They had also summoned the owner of Zoom Developers Vijay Choudhary, but he is absconding.
ED sources said that India and USA have a reciprocal agreement and the local court here will issue a letter rogatory to the US authorities who will execute the provisional order.
Sources also said that this property had not been disclosed anywhere by the owners of Zoom Developers, either in the income tax returns or in their book of accounts.
No one from Zoom Developers could be contacted. Their owner Vijay Choudhary is on the run and company secretary is in jail.