High-Profile Arrest in Ghaziabad: Builder Busted In ₹28 Crore Loan Fraud Scheme
(Judicial Quest News Network)
In a major development, the Directorate of Enforcement (ED) has arrested Rajeev Tyagi, a partner at M/s Sai Construction and Builders, on October 16, 2024, for his alleged involvement in a ₹28 Crore bank loan fraud. The arrest comes under the Prevention of Money Laundering Act (PMLA), 2002, as Tyagi was presented before the Hon’ble Special Judge at the CBI Court-1 in Ghaziabad, where the court granted ED custody until October 24, 2024.
The investigation was initiated following an FIR lodged by the Central Bureau of Investigation (CBI), which accused Tyagi and his firm of executing a criminal conspiracy to defraud a public sector bank—formerly Corporation Bank, now merged with Union Bank of India. According to the ED, Tyagi and his associates submitted forged documents and inflated property valuations to secure loans, ultimately siphoning off the funds for personal gain.
Further investigation revealed that the fraudulent loans were diverted through personal and associate accounts, leading to significant loan repayment defaults and substantial losses for the bank. In a proactive measure, the ED has already provisionally attached various immovable assets valued at ₹14.89 Crore, including flats, commercial spaces, and plots registered under Tyagi’s name and that of his sons, Amartya Raj Tyagi and Kanishk Raj Tyagi.
As the investigation continues, the ED is working diligently to uncover the full extent of the alleged fraud and its network. This case underscores the ongoing battle against corruption in financial institutions, marking a crucial step in holding high-profile offenders accountable.
