Enforcement Directorate Seizes Properties Worth Rs 14.89 Crore in Rajeev Tyagi Case
The Enforcement Directorate’s Lucknow Zonal Office has provisionally attached immovable assets amounting to Rs 14.89 crore in a case involving real estate broker Rajeev Tyagi and others. The assets include several immovable properties such as flats, commercial shops, and residential and industrial plots. These properties are registered in the names of Rajeev Tyagi, his sons Amartya Raj Tyagi and Kanishk Raj Tyagi, M/s SKT Garments Private Limited, and M/s. SK Enterprises.
The investigation was initiated based on an FIR registered by the CBI in Ghaziabad under various sections of the IPC and the Prevention of Corruption Act. The FIR was against M/s Sai Construction and Builders, Ghaziabad, and its partners for alleged loan fraud. The ED’s investigation revealed that Rajeev Tyagi and his wife, Meenu Tyagi, through their partnership firm M/s Sai Construction and Builders, conspired with associates to defraud banks by submitting fake documents and inflated property valuations.
The loans and financial facilities availed from the bank were allegedly diverted and misused, leading to a significant loss for the public sector bank. Further investigation is ongoing in this case.
Doubts Revealed
Enforcement Directorate -: The Enforcement Directorate (ED) is a government agency in India that investigates financial crimes like money laundering and fraud.
Seizes -: Seizes means to take away something, usually by legal authority. In this case, the ED took away properties because of illegal activities.
Properties Worth Rs 14.89 Crore -: This means the total value of the properties taken by the ED is Rs 14.89 crore. One crore is equal to 10 million rupees.
Rajeev Tyagi -: Rajeev Tyagi is a person involved in this case. He is a real estate broker, which means he helps people buy and sell properties.
Lucknow Zonal Office -: This is a branch of the Enforcement Directorate located in Lucknow, a city in India.
Provisionally attached -: Provisionally attached means the properties are temporarily taken by the ED until the investigation is complete.
Immovable assets -: Immovable assets are things like land and buildings that cannot be moved from one place to another.
CBI FIR -: CBI stands for Central Bureau of Investigation, which is another government agency in India. FIR means First Information Report, which is a document that starts a police investigation.
Defrauded banks -: Defrauded means to cheat or trick someone to get money. In this case, Rajeev Tyagi and his associates tricked banks to get loans.
Fake documents -: Fake documents are papers that are not real or true, used to deceive or cheat.
Misusing loans -: Misusing loans means using the borrowed money for purposes other than what it was intended for, often in a dishonest way.