E-Paper
ED attaches former MLA’s properties worth ₹30.86 crore
According to the ED, Gangotri Enterprises Limited, in collusion with its promoters, fraudulently availed credit facilities totalling ₹1,129.44 crore from a consortium of seven banks led by the Bank of India.
LUCKNOW: The enforcement directorate (ED) provisionally attached 12 immovable properties valued at ₹30.86 crore of Gangorti Enterprises, owned by former MLA Vinay Shankar Tiwari, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, on Monday.
These properties are owned by the promoters, directors, and guarantors of Gangotri Enterprises Limited, including Vinay Shankar Tiwari, Rita Tiwari, and Ajit Kumar Pandey.
As per the ED, the attached immovable properties belonging to M/s Gangotri Enterprises, M/s Royal Empire Marketing Pvt Ltd., M/s Kandarp Construction Pvt Ltd., and Rita Tiwari include commercial spaces, residential houses, and agricultural lands situated in various cities across the state, including Lucknow, Noida, and Gorakhpur.
The ED initiated the investigation based on an FIR registered by the CBI, New Delhi, against Gangotri Enterprises and its promoters.
According to the ED, Gangotri Enterprises Limited, in collusion with its promoters, fraudulently availed credit facilities totalling ₹1,129.44 crore from a consortium of seven banks led by the Bank of India.
It was further revealed that the credit facilities were not repaid and were grossly diverted, misappropriated, and siphoned off by Gangotri Enterprises and its promoters, in violation of banking norms, causing a loss amounting to ₹754.24 crore to the consortium of banks.
Earlier in this case, the ED conducted searches at 10 premises on February 23 this year, during which incriminating documents related to various properties bought with siphoned-off funds were recovered and seized.
A provisional attachment order was also issued on December 17, 2023, attaching multiple immovable properties worth ₹72.08 crore in this case. According to the ED, the consolidated value of attached properties in this case till now stands at Rs. 102.94 crore. Further investigation in this case is still on.
