Enforcement Directorate (ED) officials, on 2 May, arrested Vijay Madanlal Choudhary, the director and promoter of Zoom Developers Pvt Ltd, in connection with its money laundering probe in a bank loan fraud case involving over Rs 2,600 crore.
Choudhary was arrested under the provisions of the Prevention of Money Laundering Act (PMLA).
The Mumbai-based firm and its controllers have been accused of cheating 25 banks to the tune of Rs 2,650 crore. Choudhary, who is alleged to have floated 485 companies in his or his associates’ names, has been accused of “masterminding” the case.
Choudhary, the main controller of Zoom Developers Private Limited, is expected to be produced by ED officials in a court in Indore on 3 May. As of Wednesday, the ED has attached assets worth Rs 130 crore in the case, which has been described as one of the biggest bank fraud scams to hit the country till date.
The ED had booked a criminal case under PMLA based on a Central Bureau of Investigation (CBI) FIR. It had also attached 1,280 acres of land in California, US in this case in July 2015.
Also Read: ICICI, SBI Top RBI’s List of Banks Involved in Fraud Cases
(With PTI inputs)
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