In accordance with the Prevention of Money Laundering Act (PMLA), 2002, the Directorate of Enforcement (ED) has temporarily attached 27 immovable properties valued at Rs. 72.08 Crore that are connected to the money laundering offence and belong to the accused promoters, directors, and guarantors of M/s. Gangotri Enterprises Ltd. The connected properties are registered in the names of Vinay Shankar Tiwari, the former MLA from Uttar Pradesh, as well as his relatives and kin, who serve as the company’s directors, promoters, and guarantors.
The real estate connected hereto is dispersed among several Uttar Pradesh cities, including Lucknow, Maharaj Ganj, and the Gorakhpur area. Based on a formal complaint (FIR) filed by the CBI, AC-V, New Delhi against M/s. Gangotri Enterprises Ltd. and its promoters, directors, and guarantors, the ED started an investigation.
According to an ED investigation, M/s. Gangotri Enterprises Ltd. illegally obtained credit facilities of Rs. 1129.44 Crore from a consortium of seven banks led by the Bank of India, working in concert with its founders, directors, and guarantors. It was further discovered that M/s. Gangotri Enterprises Ltd. and its promoters, directors, and guarantors had violated banking regulations by not repaying the aforementioned credit facilities and had instead blatantly diverted and misappropriated them, resulting in an unjust loss to the consortium of banks of Rs. 754.24 Crore. Further research is now being conducted.
