ED attaches property worth ₹72 crore of U.P. ex-MLA Vinay Shankar Tiwari, his kin
ED initiated the investigation on the basis of the FIR registered by CBI, AC-V, New Delhi against M/s Gangotri Enterprises Ltd and its promoters, directors, and guarantors
The Enforcement Directorate (ED) has attached 27 immovable properties worth ₹72.08 crore in Lucknow, Maharajganj and Gorakhpur districts belonging to accused promoters, directors and guarantors of M/s Gangotri Enterprises Ltd under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, ED officials confirmed here on Friday.
As per the ED press note shared with the media, the properties attached are registered in the name of the late U.P. cabinet minister Hari Shankar Tiwari’s son and former MLA from Gorakhpur’s Chillupar seat Vinay Shankar Tiwari, his family members and relatives who are directors, promoters and guarantors in the company.
The press note further said the immovable properties attached hereby are spread across many cities of Uttar Pradesh. Hari Shankar Tiwari died at the age of 89 in May earlier this year. The press note said the ED initiated the investigation on the basis of the FIR registered by CBI, AC-V, New Delhi against M/s Gangotri Enterprises Ltd and its promoters/directors/guarantors.
The probe revealed that M/s Gangotri Enterprises Ltd in collusion with its promoters, directors and guarantors fraudulently availed credit facilities to the tune of ₹ 1129.44 crore from consortium of seven banks lead by the Bank of India.
It was further revealed that the said credit facilities were not repaid and grossly diverted and misappropriated by M/s Gangotri Enterprises Ltd. and its promoters, directors and guarantors in violation of banking norms causing wrongful loss to the tune of ₹754.24 crore to the consortium of banks. The officials said further investigation was in progress.