The Enforcement Directorate on Friday said it has attached assets worth more than Rs 72 crore of former Uttar Pradesh MLA Vinay Shankar Tiwari and his family members as part of a money laundering probe against them linked to an alleged Rs 750-crore bank loan fraud.
Twenty-seven immovable properties located in Lucknow, Maharajganj and Gorakhpur districts of Uttar Pradesh have been provisionally attached under the provisions of the Prevention of Money Laundering Act (PMLA), the federal agency said.
Vinay Tiwari is the son of the late former minister and strongman from Gorakhpur Hari Shankar Tiwari, and he had represented Chillupar in the Uttar Pradesh assembly after being elected on a BSP ticket.
Vinay Tiwari had later joined the Samajwadi Party. The attached properties are registered in the name of Vinay Tiwari, a former MLA, and his family members and relatives, who are directors, promoters and guarantors in the accused company, Gangotri Enterprises Ltd, the Enforcement Directorate (ED) said in a statement.
The total value of the provisionally seized assets is Rs 72.08 crore, it said. The ED case stems from an FIR of the Central Bureau of Investigation (CBI).
Gangotri Enterprises Ltd, the ED alleged, “in collusion” with its promoters, directors and guarantors “fraudulently” availed credit facilities to the tune of Rs 1,129.44 crore from consortium of seven banks led by the Bank of India.
The said credit facilities were not re-paid and “grossly diverted and misappropriated” by Gangotri Enterprises Ltd and its promoters, directors and guarantors in violation of banking norms causing wrongful loss to the tune of Rs 754.24 crore to the consortium of banks, the ED said.
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