The Enforcement Directorate (ED) on Monday conducted raids on the premises linked to Samajwadi Party (SP) leader and former MLA Vinay Shankar Tiwari in connection with its money laundering probe into ₹754 crore bank fraud case, people familiar with the development said.
The agency was carrying out searches at a total of ten locations in Uttar Pradesh (UP), Delhi and Mumbai under the prevention of money laundering act (PMLA).
Tiwari is the promoter of Gangotri Enterprises Ltd, which availed credit facilities to the tune of ₹1129.44 crore from consortium of seven banks led by Bank of India.
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ED has alleged that the credit facilities were not repaid and grossly diverted, misappropriated and siphoned off by Gangotri Enterprises Ltd. and its promoters/directors/guarantors in violation of banking norms causing wrongful loss to the tune of ₹754.24 crore to the consortium of banks.
Earlier, the financial crimes probe agency had attached multiple properties worth ₹102.94 crore in this case.
{{/usCountry}}Earlier, the financial crimes probe agency had attached multiple properties worth ₹102.94 crore in this case.
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