Thiruvananthapuram

29°C

Haze

Enter word or phrase

Look for articles in

Last Updated Tuesday September 26 2017 08:05 PM IST

ED arrests Zoom Developers director in bank loan fraud case

Text Size
Your form is submitted successfully.

Recipient's Mail:*

( For more than one recipient, type addresses seperated by comma )

Your Name:*

Your E-mail ID:*

Your Comment:

Enter the letters from image :

Arrest Representational image

New Delhi: The ED has arrested the director and promoter of a Mumbai-based firm in connection with its money laundering probe in a bank loan fraud case involving over Rs 2,600 crore.

This case is being described as one of the biggest bank fraud cases being investigated by probe agencies in the country.

Officials said the agency arrested Vijay M. Choudhary late on Tuesday in Mumbai under the provisions of the Prevention of Money Laundering Act (PMLA).

Choudhary is the director and main controller of Ms Zoom Developers Private Limited and was wanted by the Enforcement Directorate in this case, where it is alleged that the firm and its controllers cheated 25 banks to the tune of Rs 2,650 crore.

Choudhary is expected to be produced by ED officials in a court in Indore on Wednesday.

The ED had booked a criminal case under PMLA based on a CBI FIR. It had also attached 1,280 acres of land in California in the United States of America (USA) in this case in July, 2015.

Choudhary, who is alleged to have floated 485 companies in his or his associates names, has been called the "mastermind" of this fraud case by the ED.

The ED has attached assets worth Rs 130 crore in this case till now.

Zoom Developers operates from Indore and Mumbai.

Your form is submitted successfully.

Recipient's Mail:*

( For more than one recipient, type addresses seperated by comma )

Your Name:*

Your E-mail ID:*

Your Comment:

Enter the letters from image :

The opinions expressed here do not reflect those of Malayala Manorama. Legal action under the IT Act will be taken against those making derogatory and obscene statements.

Email ID:

User Name:

User Name:

News Letter News Alert
News Letter News Alert