The Enforcement Directorate (ED) has moved to attach 1,280 acres of
land in the United States in connection with one of the biggest bank
loan frauds in this country.
The unprecedented move to attach the land in California worth Rs 1,000 crore was initiated by the ED on Thursday July 02,2015
Zoom Developers, promoted by Vijay Chaudhary, operates from Indore
and Mumbai. Chaudhary, who is allegedly absconding, had taken loans
totalling Rs 2,200 crore from various banks for realty projects in
Europe.
However, no project was ever undertaken and the money was allegedly siphoned off by Chaudhary. Last month, one of the directors of the company, Sharad Kabra, was arrested by the Indore ED. An arrest warrant has also been issued against Chaudhary.
ED officials said that it is for the first time that the agency had taken such an action in the US. Indore falls under the jurisdiction of ED, Ahmedabad. ED officials said this was one of the biggest bank loan frauds in the country.
After suspecting the role played by some of the banks in granting loans, the Central Bureau of Investigation (CBI) had also initiated a separate probe.
The unprecedented move to attach the land in California worth Rs 1,000 crore was initiated by the ED on Thursday July 02,2015
However, no project was ever undertaken and the money was allegedly siphoned off by Chaudhary. Last month, one of the directors of the company, Sharad Kabra, was arrested by the Indore ED. An arrest warrant has also been issued against Chaudhary.
ED officials said that it is for the first time that the agency had taken such an action in the US. Indore falls under the jurisdiction of ED, Ahmedabad. ED officials said this was one of the biggest bank loan frauds in the country.
After suspecting the role played by some of the banks in granting loans, the Central Bureau of Investigation (CBI) had also initiated a separate probe.
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