New Delhi, September 24
Directorate of Enforcement (ED), Lucknow has provisionally attached immovable assets amounting to Rs. 14.89 crores in the case of Rajeev Tyagi and others under the provisions of Prevention of Money Laundering Act (PMLA), 2002.
The officials informed that the assets include several immovable properties in the form of flats, commercial shop, 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 & Kanishk Raj Tyagi, M/s. SKT Garments Private Limited and M/s. S K Enterprises.
ED initiated investigation on the basis of FIR registered by CBI, Ghaziabad, (UP) under
various sections of IPC, 1860 and 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 Bank (erstwhile Corporation Bank and now Union Bank of India
after merger) by submitting fake/forged documents and inflated valuation reports of the
mortgaged properties with intention to defraud the bank.
ED investigation also revealed that loans/financial facilities availed from bank were
layered/diverted/siphoned off through his personal accounts or through accounts of
associated persons/entities, and subsequently utilized the same for other than intended
purposes, resulting in default of loan repayment which caused huge loss to the public sector
bank, officials stated.
