Lucknow ED arrests Sai Constructions and Builders partners in loan fraud case

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 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. 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.
 

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