Rs 2,200 cr loan fraud: ED attaches Zoom Developers’ Rs 1000 cr value land in US

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Ahmedabad – In a initial such action, a Enforcement Directorate (ED) has trustworthy 1,280 acres of land in a US in tie with one of a biggest bank loan frauds in this country.

The rare pierce to insert a land in California value Rs 1,000 crore was instituted by a ED’s Ahmedabad zonal unit.

Representational image. AFPRepresentational image. AFP

Representational image. AFP

“ED Indore attaches underneath PMLA (Prevention of Money Laundering Act) 1,280 acres of land in California, USA, of Zoom Developers Pvt Ltd and Vijay Chaudhary in bank rascal cases,” a executive group tweeted on Thursday.

ED officials pronounced that it is for a initial time that a group had taken such an movement in a US. Indore falls underneath a office of ED, Ahmedabad. ED officials pronounced this was one of a biggest bank loan frauds in a country.

After suspecting a purpose played by some of a banks in extenuation loans, a Central Bureau of Investigation (CBI) had also instituted a apart probe, they said.

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 several banks for realty projects in Europe.

However, no plan was ever undertaken and a income was allegedly siphoned off by Chaudhary. Last month, one of a directors of a company, Sharad Kabra, was arrested by a Indore ED. An detain aver has also been released opposite Chaudhary.