Lucknow (Uttar Pradesh): The Enforcement Directorate on Monday seized properties worth Rs 14.89 crore of Ghaziabad builder Rajiv Tyagi and his two sons in connection with a bank loan fraud case, the federal probe agency said. The ED said that Tyagi mortgaged the same property to the Union Bank of India and UCO Bank, where also he took a substantial loan even as he mortgaged properties which were never in his name.
Sources said that the ED sleuths seized the properties under the Prevention Of Money Laundering Act (PMLA), 2002 on Monday. The seized properties include industrial plots of Rajiv Tyagi, partner of Sai Construction in Ghaziabad, shops, offices, complexes in the name of SKT Garments Limited, SK Enterprises, Sai Private Limited owned by his son Amartya Raj Tyagi and second son Kanishka Raj Tyagi.
In a press statement released after the raids, an ED spokesperson said that Tyagi had taken a loan of Rs 22 crore from the Union Bank of India. After depositing the initial easy monthly installments (EMIs), Rajiv Tyagi turned out to be a defaulter necessitating the bank officials to mortgage the property, the ED said.
ED, Lucknow has provisionally attached immovable assets amounting to Rs. 14.89 Crore (approx.) in the form of flats, commercial shop, residential and industrial plots, registered in the names of Rajeev Tyagi, partner of M/s Sai Construction and Builders, and his sons Amartya Raj…
— ED (@dir_ed) September 23, 2024
However when the bank officials went to mortgage the property, it was found that the property which has been mortgaged is already in the possession of UCO Bank where also Tyagi had taken a loan, the ED said adding Tyagi had mortgaged some properties which were never in his name.
It is learnt that the CBI has already registered an FIR against Rajiv Tyagi in the year 2022.
After the Ghaziabad unit of CBI registered a case, the ED also took cognizance of the case and seized Tyagi's property on Monday.
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