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Economic Fraud

ED’s Big Catch: Properties Worth Over 30 Crores Attached in Bank Scam Involving Political Bigwig

ED attaches properties worth Rs. 30.86 Cr linked to Gangotri Enterprises in a big crackdown on money laundering.



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LUCKNOW: The Enforcement Directorate (ED) Lucknow Zonal Office has taken decisive action by provisionally attaching 12 immovable properties valued at Rs. 30.86 Crore. These properties are linked to the key figures of M/s Gangotri Enterprises Ltd, including former MLA Vinay Shankar Tiwari, Rita Tiwari, and Ajit Kumar Pandey. The action has been taken under the stringent Prevention of Money Laundering Act (PMLA), 2002, marking a critical step in the fight against corruption and money laundering.

The attached properties include commercial spaces, residential houses, and agricultural lands spread across various prominent locations in Uttar Pradesh, including Lucknow, Noida, and Gorakhpur. These assets are registered under the names of M/s Gangotri Enterprises, M/s Royal Empire Marketing Pvt Ltd., M/s Kandarp Construction Pvt Ltd., and Smt. Reeta Tiwari, who are the main accused in the case.

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This case draws attention not only because of the substantial financial implications but also due to the high-profile nature of the individuals involved. Vinay Shankar Tiwari, a central figure in this investigation, is the progeny of the late minister and notable figure from Gorakhpur, Hari Shankar Tiwari. Tiwari’s political journey includes representation of the Chillupar constituency in Gorakhpur, initially elected on a BSP ticket before later aligning with the Samajwadi Party.

The initiation of the ED’s investigation was based on an FIR lodged by the CBI, AC-V, New Delhi, against M/s. Gangotri Enterprises Ltd and its promoters, directors, and guarantors. The investigation unearthed a scheme where the accused, in collusion, fraudulently obtained credit facilities amounting to Rs. 1129.44 Crore from a consortium of seven banks, led by the Bank of India. It was discovered that these funds were not repaid and were instead grossly diverted, misappropriated, and siphoned off in direct violation of banking norms, leading to a significant loss of Rs. 754.24 Crore to the consortium.

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Prior to this recent action, the ED had conducted raids at 10 locations on February 23, 2024, uncovering incriminating documents and evidence of properties purchased with the misappropriated funds. A provisional attachment order issued on November 17, 2023, had previously secured immovable properties worth Rs. 72.08 Crore. The total value of attached properties in this case has now escalated to Rs. 102.94 Crore.

As the ED continues its investigation, this case highlights the agency’s ongoing efforts to combat financial fraud and protect the economic integrity of the nation. Further developments are awaited as the investigation progresses, with the financial community and the public eye closely monitoring the unfolding of events in this high-stakes financial fraud case.


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