ED Freezes Assets of Sai Construction Partner in PMLA Case

                NEW DELHI: The Enforcement Directorate's 
Lucknow Zonal Office provisionally attached 
immovable assets amounting to Rs 14.89 
crore (approx.) in the case of real estate 
broker, 
Rajeev Tyagi and others under the and others 
under the provisions of the Prevention of 
Money Laundering Act (PMLA), 2002, informed 
a press release on Monday.
According to the release, the assets include 
several immovable properties in the form of 
flats, commercial shops, residential and 
industrial plots, registered in the names of 
Rajeev Tyagi, 
partner of M/s Sai Construction and Builders, 
and his sons Amartya Raj Tyagi and Kanishk 
Raj Tyagi, M/s SKT Garments Private Limited, 
and M/s. SK Enterprises.
ED initiated an investigation based on an FIR 
registered by CBI, Ghaziabad, (UP) under 
various sections of IPC, 1860, and the 
Prevention of Corruption Act, 1988, against 
M/s Sai 
Construction and Builders, Ghaziabad, and its 
partners and others for alleged loan fraud.
ED investigation revealed that Rajeev Tyagi, 
along with his wife, Meenu Tyagi, through their 
partnership firm, viz., M/s Sai Construction and 
Builders, Ghaziabad, hatched a "criminal 
conspiracy" in connivance with other 
associates/guarantors and availed 
loans/financial facilities from the bank 
(erstwhile Corporation Bank and now Union 
Bank of India after the merger) 
by submitting fake/forged documents and 
inflated valuation reports of the mortgaged 
properties with the intention to defraud the 
bank, the release added.
ED investigation also revealed that 
loans/financial facilities availed from the bank 
were allegedly layered/diverted/syphoned off 
through his accounts or accounts of 
associated 
persons/entities, and subsequently utilised the 
same for other than intended purposes, 
resulting in default of loan repayment, which 
caused a huge loss to the public sector bank.
Further investigation is underway in the case.



Source : Economic Times