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2w ago

ED Raids Uncover ₹100 Crore in Assets in ₹754-Crore Bank Fraud Case

The Enforcement Directorate has intensified its probe into Gangotri Enterprises and SP leader Vinay Shankar Tiwari, with raids across 11 locations and a chargesheet expected soon.

The arrest of Vinay Shankar Tiwari followed raids on multiple locations. (FILE PHOTO)
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Overview

  • The Enforcement Directorate conducted coordinated raids at 11 locations, including Lucknow, Noida, Gorakhpur, Delhi, and Mumbai, targeting Gangotri Enterprises and its promoters.
  • Raids uncovered property worth approximately ₹100 crore and significant documentation linked to the ₹754-crore bank fraud investigation.
  • Gangotri Enterprises allegedly defaulted on ₹750 crore from a ₹1,129.44 crore loan taken from a consortium of seven banks, causing substantial financial losses.
  • SP leader and former MLA Vinay Shankar Tiwari, a key figure in the case, has not responded to multiple ED notices and is under scrutiny for his role in the alleged fraud.
  • The ED is preparing a chargesheet against Tiwari and other implicated individuals, signaling further legal action in the coming days.