The Directorate of Enforcement (ED) has arrested Ghaziabad-based realtor Rajeev Tyagi in connection with a Rs28 crore bank loan fraud case. He was presented before the special judge at the CBI court-1 in Ghaziabad, which remanded him to ED custody until October 24.
The investigation against Tyagi was initiated based on an FIR filed by the CBI against M/s Sai Construction and Builders, Ghaziabad, and its partners, under relevant sections of the IPC and the Prevention of Corruption Act, 1988, for alleged loan fraud.
Investigations revealed that Tyagi, through his partnership firm, conspired with associates and guarantors to obtain loans and financial facilities from the erstwhile Corporation Bank (now Union Bank of India) by submitting fake and forged documents, as well as inflated valuation reports of mortgaged properties. This fraudulent activity was aimed at defrauding the bank.
Further inquiries uncovered that the loans were layered, diverted, and siphoned off through personal and associated accounts, being utilized for purposes other than originally intended. This resulted in a default on loan repayments and significant losses to the public sector bank.
Previously, the ED provisionally attached several immovable assets worth Rs14.89 crore, including flats, a commercial shop, and residential and industrial plots, registered under Tyagi’s name and that of his sons, Amartya Raj and Kanishk Raj, as well as associated entities like M/s SKT Garments Private Limited and M/s S K Enterprises.
