Bank fraud cuffs on Zoom boss for money laundering of over Rs 2,650 cr

Zoom's core business was into engineering and procurement in US, Europe and to some extent in Africa

Of all those who allegedly took the banking system for a ride, very few have shown such ingenuity as Vijay Madanlal Choudhary, director of Zoom Developers Pvt Ltd is reported to have. 

Choudhary was arrested on Wednesday by the enforcement directorate (ED) under the Prevention of Money Laundering Act. It was an elaborate scheme that went on for years and Indian bankers apparently ended up holding the can. The fraud committed on 26 banks amounted to over Rs 2,650 crore.

Choudhary always maintained he was not a wilful defaulter and therefore his name should not figure in the list. This is true