15 crore assets have been seized
The ED team has seized assets worth around Rs 15 crore from Sai Construction and Builders located in Uttar Pradesh’s Ghaziabad. Two years ago, a team of the Transformation Directorate registered a case against the company and its associate form the CBI’s anti-corruption wing, Union Bank of India in Ghaziabad for Rs. A case of fraud of 22 crores 20 lakhs was registered.
After this, the Directorate of Transformation also registered a case of money laundering against the construction company and investigated. After investigation, the main accused in this case Rajiv Tyagi is also the director of Noida Cricket Association, Noida. The Directorate of Transformation has seized flats, shops and residential and industrial plots purchased in the names of the prime accused Rajiv Tyagi and his two sons Amartya Raj Tyagi and Kanishk Tyagi, SS Enterprises and M/s SKT Garments Pvt.
22 crores 20 lakhs loan
The current market value of properties seized by ED is many times higher. Sai Construction was engaged in construction work in many government departments including Noida, Greater Noida, Ghaziabad Development Authority and Uttarakhand Power Corporation. The bank account of the company was also in Noida. This account was transferred to Ghaziabad in the year 2012. The company received from the bank Rs. 22 crores and 20 lakhs of various types of loans were taken. In return, several properties of the company were also mortgaged to the bank.
The company did not repay the loan
Bank loans were not being repaid by the company. After this, when the bank assessed the mortgaged properties after declaring the account NPA, it was found that a huge loan had been taken by defrauding the bank by showing the value of the mortgaged property too high. After this, when the bank officials reached Noida to take possession of the company’s mortgaged property in Noida Sector 30, the bank got possession of that property by UCO Bank. When Union Bank sought information about this from UCO Bank and the Noida Authority, they were told that the company’s management had placed fake documents in their bank. After this his bank took possession of the property.
CBI has arrested Ghaziabad resident Rajeev Tyagi and Gazipur resident company partner Vikas Tyagi, Delhi resident Sanjeev Tyagi, Manju Sharad and SKT Enterprises of Delhi, SKT Enterprises of Ghaziabad and Minerals Private Limited Company of Dehradun in this case.
