In the first such action, the Enforcement Directorate (ED) has attached 1,280 acres of land in the U.S. in connection with one of the biggest bank loan frauds in this country.
“ED Indore attaches under PMLA (Prevention of Money Laundering Act) 1,280 acres of land in California, USA, of Zoom Developers Pvt Ltd and Vijay Chaudhary in bank fraud cases,” the central agency tweeted on Thursday. ED officials said this was one of the biggest bank loan frauds in the country.
Zoom Developers, promoted by Vijay Chaudhary, operates from Indore and Mumbai.
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Mr. Chaudhary, who is allegedly absconding, had taken loans totalling Rs 2,200 crore from various banks for realty projects in Europe. However, no project was ever undertaken and the money was allegedly siphoned off by Mr. Chaudhary.