ED attaches Rs. 52 crore worth Dubai properties in major bank fraud case
The SBI's Shahpura Branch suffered a massive loss due to the scheme.
The SBI's Shahpura Branch suffered a massive loss due to the scheme.
This latest action follows a previous attachment of immovable properties worth Rs 26.53 crore belonging to several individuals and entities within the same group.
The attached properties, identified as being acquired through the "Proceeds of Crime" (POC), include bank balances, lands, buildings, flats, and commercial spaces across Maharashtra, Kolkata, Delhi, and Andhra Pradesh.
Following the arrest on Wednesday, they were produced before the special court, and they have been remanded to ED's custody for a period of eight days.
The raids were conducted as part of investigations into a case which involves an alleged fraud which resulted in a loss of Rs 2,000 crore to the State Bank of India (SBI).
The arrest was the result of sustained and meticulous efforts made by the investigating team of the federal probe agency, as the accused was untraceable since 2024, after he failed to join the trial or respond to summons/ warrants and was untraceable since 2024.
Former MLA Vinay Shankar Tiwari, son of late Harishankar Tiwari, and his partner Ajit Pandey, director of his company Gangotri Enterprises, have been arrested in the case.
In the searches conducted on Wednesday, the federal anti-money laundering agency also recovered and froze Demat accounts with an investment valued at about Rs 2.5 crore.
The consortium banks, therefore, recalled the credit facilities and also invoked corporate guarantee of UBHL and personal guarantee of Mallya, it alleged.
The next date for the hearing in the case is September 3, as ordered by the court of special PMLA judge M S Azmi, they said.
