ED, Lucknow has arrested Rajeev Tyagi, Partner of M/s Sai Construction and Builders on 16.10.2024 under the provisions of the PMLA, 2002 in a bank loan fraud case. He was produced before the Hon’ble Special Judge, CBI Court-1 (Spl. Court, PMLA), Ghaziabad. The Hon’ble Court has granted ED custody till 24.10.2024.

The Directorate of Enforcement (ED) has arrested Rajeev Tyagi, Partner of M/s Sai Construction and Builders, on October 16, 2024, under the Prevention of Money Laundering Act (PMLA), 2002, in a bank loan fraud case worth Rs. 28 Crore. He was produced before the Hon'ble Special Judge, CBI Court-1, Ghaziabad, and granted ED custody till October 24, 2024.

The ED initiated investigation based on an FIR registered by the Central Bureau of Investigation (CBI), Ghaziabad, UP, against M/s Sai Construction and Builders, its partners, and others under Sections IPC, 1860, and Prevention of Corruption Act, 1988. The investigation revealed that Rajeev Tyagi and his associates hatched a criminal conspiracy to defraud the bank by submitting fake documents and inflated valuation reports.

The ED investigation found that loans availed from the bank were layered, diverted, or siphoned off through personal accounts or associated persons' entities, and used for purposes other than intended. This resulted in default of loan repayment, causing huge loss to the public sector bank. The ED had previously provisionally attached several immovable assets worth Rs. 14.89 Crore.

Further investigation is underway.