According to latest reports, the Ahmedabad zonal unit of Enforcement Directorate (ED) has attached 1,280 acres of land, worth Rs 1,000 crore, in California, USA, in connection with an alleged bank loan fraud.
As reports say, for the first time ED had made such a move in USA.
According to the central agency’s tweet, “ED Indore attaches under Prevention of Money Laundering Act 1280 acres of land in California, USA, of Zoom Developers Pvt Ltd and Vijay Chaudhary in bank fraud case.”
As understood the reports, this was one of the biggest bank loan frauds in the country.
Zoom Developers, promoted by Vijay Chaudhary, operates from Indore and Mumbai. Chaudhary, who is absconding, had taken loans of Rs 2,200 crore from different banks for realty projects in Europe. However, no project was ever undertaken and the money was allegedly siphoned off by Chaudhary.
A month ago, one of the executives of the organization, Sharad Kabra, was arrested by the Indore ED. An arrest warrant has been issued against Chaudhary.
