The Directorate of Enforcement (ED), Lucknow zonal office, on Thursday arrested Ghaziabad-based realtor Rajeev Tyagi in a Rs 28 crore bank loan fraud case.
He was produced before the special judge, CBI court-1 (Special Court, PMLA), Ghaziabad, which sent him in ED custody till Oct 24.
The ED initiated the probe against Tyagi based on an FIR registered by the CBI against M/s Sai Construction and Builders, Ghaziabad, its partners, and others under Sections IPC, 1860, and the Prevention of Corruption Act, 1988, for alleged loan fraud.
The probe revealed that Tyagi, through his partnership firm, M/s Sai Construction and Builders, Ghaziabad, hatched a conspiracy in connivance with other associates and guarantors. They availed loans and financial facilities from the bank (erstwhile Corporation Bank, now Union Bank of India after the merger) by submitting fake and forged documents and inflated valuation reports of the mortgaged properties with the intention to defraud the bank.The ED investigation also revealed that the loans availed from the bank were layered, diverted, and siphoned off through his personal accounts or associated persons’ and entities’ accounts. They were subsequently utilised for purposes other than intended, resulting in a default on loan repayment, which caused a huge loss to the public sector bank.
Earlier, the ED provisionally attached several immovable assets amounting to Rs 14.89 crore in the form of flats, a commercial shop, and residential and industrial plots. These were registered in the names of Tyagi and his sons, Amartya Raj and Kanishk Raj, as well as M/s SKT Garments Private Limited and M/s S K Enterprises.
