The Aryavarth Express
Agency(Lucknow): The Enforcement Directorate’s Lucknow office has recently taken a significant step in a major financial fraud case by temporarily seizing 12 immovable properties valued at approximately 30.86 Crore INR. These properties, which include commercial spaces, a residential building, and farmland, are located across several Uttar Pradesh cities like Lucknow, Noida, and Gorakhpur. They belong to key figures associated with M/s. Gangotri Enterprises Ltd., specifically Vinay Shankar Tiwari, a former MLA, Smt. Rita Tiwari, and Ajit Kumar Pandey. This action was taken under the Prevention of Money Laundering Act (PMLA) of 2002, highlighting the government’s commitment to combating financial crimes.
This enforcement action originates from an investigation triggered by a complaint filed by the CBI’s Anti-Corruption Branch V in New Delhi, targeting the company and its principal figures. The probe uncovered that M/s. Gangotri Enterprises Ltd., in collaboration with its promoters, directors, and guarantors, fraudulently secured credit facilities amounting to 1129.44 Crore INR from a consortium of seven banks, led by the Bank of India. These funds were then mismanaged: not repaid, improperly diverted, and embezzled, causing a staggering loss of 754.24 Crore INR to the banking group.
This is not the first time assets have been seized in connection with this investigation. Previously, on February 23, 2024, authorities conducted raids at ten locations, uncovering crucial documents related to property purchases funded by the diverted money. An earlier provisional order, issued on November 17, 2023, had already attached assets worth 72.08 Crore INR, bringing the total value of seized properties in this case to 102.94 Crore INR.
