India
-Krishna Kripa
The
Enforcement
Directorate
(ED)
has
detained
former
Uttar
Pradesh
MLA
Vinay
Shankar
Tiwari
and
a
senior
executive
from
his
company
in
connection
with
a
money
laundering
probe.
This
investigation
is
linked
to
an
alleged
bank
loan
fraud
amounting
to
Rs
750
crore,
according
to
official
sources.
The
case
originates
from
a
First
Information
Report
(FIR)
filed
by
the
Central
Bureau
of
Investigation
(CBI).
image
Tiwari,
aged
59,
was
apprehended
in
Lucknow
around
5
pm,
while
Ajeet
Pandey,
managing
director
of
Gangotri
Enterprises,
was
taken
into
custody
in
Mahrajganj
district.
Both
arrests
were
made
under
the
Prevention
of
Money
Laundering
Act
(PMLA),
as
per
the
sources.
Tiwari
was
presented
before
a
special
PMLA
court
and
placed
in
judicial
custody
for
a
day.
Bank
Loan
Fraud
Allegations
The
ED
plans
to
seek
custodial
remand
for
Tiwari
and
Pandey
when
they
appear
in
court
again
on
Tuesday.
The
arrests
followed
fresh
searches
at
various
locations
related
to
the
company
and
its
promoters
on
Monday.
Gangotri
Enterprises
is
primarily
involved
in
road
construction,
toll
plaza
operations,
and
other
government
contracts.
Vinay
Shankar
Tiwari
is
the
son
of
late
Hari
Shankar
Tiwari,
a
former
minister
from
Gorakhpur.
He
previously
represented
the
Chillupar
assembly
constituency
in
Gorakhpur
on
a
Bahujan
Samaj
Party
(BSP)
ticket
before
joining
the
Samajwadi
Party
(SP).
The
main
promoters
of
Gangotri
Enterprises
include
Vinay
Shankar
Tiwari,
Rita
Tiwari,
and
Ajeet
Pandey.
Financial
Misconduct
and
Asset
Seizure
The
accused
are
alleged
to
have
committed
bank
loan
fraud
between
2012
and
2016
against
a
consortium
of
banks
led
by
the
Bank
of
India
(BoI).
In
November
2023,
the
ED
attached
assets
worth
approximately
Rs
72
crore
belonging
to
the
company
as
part
of
this
case.
Raids
were
also
conducted
during
that
period.
The
ED’s
statement
claims
that
Gangotri
Enterprises
Ltd.,
along
with
its
promoters,
directors,
and
guarantors,
fraudulently
obtained
credit
facilities
totaling
Rs
1,129.44
crore
from
seven
banks
led
by
BoI.
These
credit
facilities
were
not
repaid
and
were
allegedly
misappropriated
by
the
company
and
its
associates.
This
financial
misconduct
resulted
in
a
wrongful
loss
of
Rs
754.24
crore
to
the
consortium
of
banks
due
to
violations
of
banking
norms.
The
ED
continues
its
investigation
into
these
allegations
as
it
seeks
further
legal
action
against
those
involved.
