In a significant development, the Enforcement Directorate (ED) has arrested Vinay Shankar Tiwari, a former Uttar Pradesh MLA, and Ajeet Pandey, a senior executive from his company, in connection with a money laundering investigation. The case involves an alleged bank loan fraud of Rs 750 crore, according to official sources.
The investigation is based on a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI). Vinay Shankar Tiwari was arrested in Lucknow, while Ajeet Pandey, the Managing Director of Gangotri Enterprises, was apprehended in Mahrajganj district. Both individuals were taken into custody under the Prevention of Money Laundering Act (PMLA).
Tiwari, a prominent figure in the Samajwadi Party and the son of the late minister Hari Shankar Tiwari, had previously been elected as an MLA on a BSP ticket. The ongoing investigation and fresh raids on Gangotri Enterprises, which is involved in road construction and toll operations, uncovered fraudulent loans taken from a consortium of banks, led by the Bank of India. The fraud is believed to have resulted in significant financial losses.
As part of the probe, assets worth Rs 72 crore have already been attached, and earlier raids were conducted in November 2023. Authorities are continuing their investigation into the matter.
