The Aryavarth Express
Agency(New Delhi): In a major operation, the Enforcement Directorate (ED) conducted raids at ten locations across Uttar Pradesh, Madhya Pradesh, and Haryana, including the residence of Samajwadi Party leader Vinay Shankar Tiwari. These raids are part of an ongoing investigation into a money laundering case linked to an alleged bank fraud involving Gangotri Enterprises Limited, a company engaged in road construction, toll plaza operations, and government contracts.
The Lucknow zone of the ED in Uttar Pradesh spearheaded these operations under the provisions of section 17 of the Prevention of Money Laundering Act (PMLA). The primary accused in this case include Vinay Shankar Tiwari, along with Rita Tiwari and Ajeet Pandey, who are the main promoters of Gangotri Enterprises Limited.
The raids were carried out at locations associated with the accused in various cities including Lucknow, Gorakhpur, Noida in Uttar Pradesh, Ahmedabad in Gujarat, and Gurugram in Haryana. These operations are part of the ED’s ongoing effort to uncover the extent of the fraud.
In a significant move last November, the ED attached 27 immovable properties valued at Rs 72.08 crore in Lucknow, Maharajganj, and Gorakhpur districts. These properties are linked to the accused promoters, directors, and guarantors of Gangotri Enterprises Ltd and were placed under the PMLA, 2002. Among those implicated is Vinay Shankar Tiwari, son of the late Uttar Pradesh cabinet minister Hari Shankar Tiwari and former MLA from Gorakhpur’s Chillupar seat, along with his family members and relatives who hold positions in the company.
This investigation by the ED was initiated following a First Information Report by the Central Bureau of Investigation, AC-V, New Delhi against Gangotri Enterprises Ltd and its key personnel. The investigation revealed that the company, in collusion with its promoters, directors, and guarantors, fraudulently obtained credit facilities amounting to Rs 1,129.44 crore from a consortium of seven banks led by the Bank of India. The probe uncovered that these funds were not repaid, resulting in a wrongful loss of Rs 754.24 crore to the banks due to gross diversion and misappropriation of funds, violating banking norms.
This case represents a significant development in the ongoing efforts to combat financial crimes and ensure accountability in the management of financial resources in India. As the investigation continues, more details are expected to emerge about the extent of the fraud and the involvement of various parties.