ED attaches Zoom Developers' land and bank deposits in fraud case
The Ahmedabad zonal unit of the Enforcement Directorate (ED) has attached 132 acres of land in Indore, 61,155 square feet of land in Mumbai and Rs 41.4 crore in bank deposits in an alleged Rs 2,200-crore bank loan fraud case committed by Zoom Developers.
Earlier this month, the ED had attached 1,280 acres of land worth Rs 1,000 crore in California in the USA, in the same case, involving Zoom Developers.
"ED Indore attaches 132 acres of land in Indore, 61,155 square feet in Mumbai as well as bank deposits worth Rs 41.4 crore in the Zoom Developers case, under the
Prevention of Money Laundering Act (PMLA)," according to an ED tweet.
Incidentally, Indore falls under the jurisdiction of ED Ahmedabad and this case is considered one of the biggest bank loan frauds. After suspecting the roles of some of banks in granting loans to the company, the CBI had initiated a probe, officials said.
As per case details, the Vijay Chaudhary-promoted Zoom Developers is based out of Indore and Mumbai. Allegedly, Chaudhary who is still absconding, took loans of Rs 2,200 crore from various banks for various realty projects in European countries. It is alleged that no work was ever carried out by his company and the money was gradually siphoned off by Chaudhary, officials said.
The probe agency launched a investigation under the Prevention of Money Laundering Act (PMLA) and after attaching the company's land in California, the ED has attached its land and bank deposits.
Earlier last month, a company director Sharad Kabra was arrested by the Indore ED and right now he is under judicial custody. Though an arrest warrant has been issued against Chaudhary, he is still out of the ED's clutches, an official said.