Rs 750 crore Loan Scam in Bank of India and Other Banks

The Enforcement Directorate (ED) conducted raids in several states including Uttar Pradesh on Friday in connection with a bank loan scam worth 750 crore rupees. The ED suspects that money laundering took place in the bank loan scam. The ED conducted raids at locations linked to Gangotri Enterprises, a company whose promoters are Vinay Shankar Tiwari, Rita Tiwari, and Ajit Pandey. Vinay Shankar Tiwari is the son of the late Bahubali leader Harishankar Tiwari from Uttar Pradesh. Vinay Shankar Tiwari was elected as a legislator on a BSP ticket from the Chilupar seat in Gorakhpur, but later joined the SP

It is alleged that Gangotri Enterprises conducted a loan scam of approximately 750 crore rupees from consortiums of several banks between 2012 and 2016. The consortium of banks is led by the Bank of India. On Friday, the ED conducted raids in Lucknow, Gorakhpur, and Noida in Uttar Pradesh in connection with this scam. Raids were also conducted at locations in Ahmedabad, Gujarat, and Gurugram, Haryana. Gangotri Enterprises is involved in road construction, toll plaza operations, and other government contracts. The ED had also seized properties worth around 72 crore rupees in this case in November last year.