The Enforcement Directorate (ED) in Lucknow has provisionally attached immovable assets worth approximately Rs 14.89 crore in a case involving real estate broker Rajeev Tyagi and others under the Prevention of Money Laundering Act (PMLA), 2002, as per a press release issued on Monday.
The attached assets include various immovable properties such as flats, commercial shops, and residential and industrial plots. These properties are registered under the names of Rajeev Tyagi, his sons Amartya Raj Tyagi and Kanishk Raj Tyagi, and businesses like M/s SKT Garments Private Limited and M/s SK Enterprises. Rajeev Tyagi is also a partner in M/s Sai Construction and Builders.
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The ED launched its investigation based on an FIR filed by the Central Bureau of Investigation (CBI) in Ghaziabad, Uttar Pradesh, which charged M/s Sai Construction and Builders, Ghaziabad, its partners, and others under various sections of the Indian Penal Code (IPC), 1860, and the Prevention of Corruption Act, 1988, in connection with an alleged loan fraud.
According to the release, the ED’s probe revealed that Rajeev Tyagi, along with his wife Meenu Tyagi, through their partnership firm M/s Sai Construction and Builders, Ghaziabad, engaged in a “criminal conspiracy” with associates and guarantors. They reportedly secured loans and financial facilities from Corporation Bank (now Union Bank of India following its merger) by submitting forged documents and inflated valuation reports of mortgaged properties, intending to deceive the bank.
The investigation further disclosed that the loans and financial facilities obtained from the bank were allegedly layered, diverted, or siphoned off through the accounts of Tyagi or those of his associates and entities. The funds were then used for purposes other than what was intended, leading to a default on loan repayments and significant losses for the public sector bank.
The ED stated that further investigation into the matter is ongoing.
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