ED attached 27 immovable properties of Gangotri Enterprises for causing a loss of Rs. 754.24 Crore to Consortium of Banks

Enforcement Directorate (ED) has provisionally attached 27 immovable properties worth Rs. 72.08 crores involved in the offense of money laundering, relating to the accused promoters/ directors/ guarantors of M/s. Gangotri Enterprises Limited Under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

The attached properties are registered in the names of Vinay Shankar Tiwari, Ex-MLA of Uttar Pradesh, and his family members and relatives, all of whom are directors/ promoters/ guarantors in the company. The attached immovable properties are spread over numerous cities in Uttar Pradesh, including Lucknow, Maharaj Ganj, and the Gorakhpur district.

The ED conducted an inquiry based on an FIR filed by the CBI, AC-V, New Delhi against M/s. Gangotri Enterprises Ltd. and its promoters/ directors/ guarantors.

M/s. Gangotri Enterprises Ltd, in cooperation with its promoters/directors/guarantors, illegally obtained credit facilities of Rs. 1129.44 crore from a consortium of seven banks led by Bank of India, according to an ED investigation.

It was also discovered that the abovementioned credit facilities were not repaid and were grossly diverted and misappropriated by M/s. Gangotri Enterprises Ltd. and its promoters/ directors/ guarantors in violation of banking norms, resulting in wrongful loss to the consortium of banks in the amount of Rs. 754.24 Crore.