The Enforcement Directorate (ED) on Tuesday said it has attached assets worth Rs 32 crore of Zoom Developers Private Ltd in Indore, Madhya Pradesh, in a bank fraud case.
The properties of the firm were attached under the Prevention of Money Laundering Act.
"The ED attached assets worth Rs 32 crore of Zoom Developers, Indore, in a bank fraud case. Total attachment in the case now is worth Rs 132 crore," an ED official said.
He said this was one of the biggest bank loan frauds in the country.
After suspecting the role played by some of the banks in granting loans, the Central Bureau of Investigation (CBI) had also initiated a separate probe, they said.
The company, engaged in contract works in engineering and logistics, is also under the scanner of the Income Tax Department.
The CBI is investigating 10 cases of cheating and forgery against Zoom Developers and its promoters, and has filed chargesheets in at least five cases so far.
Zoom Developers, promoted by Vijay Chaudhary, operates from Indore and Mumbai.
Chaudhary, who is allegedly absconding, had taken loans from at least 26 state-owned banks, totalling Rs 2,200 crore for realty projects in Europe.
However, no project was ever undertaken and the money was allegedly siphoned off by Chaudhary.
The ED had also provisionally attached 1,280 acres of land belonging to Zoom Developer worth Rs 1,000 crore in the United States in 2015.
--IANS
rak/nir/dg
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app