Enforcement Directorate (ED) has carried out raids at the offices of Samajwadi Party (SP) leader Vinay Shankar Tiwari in Lucknow, Gorakhpur, and Mumbai. The raids are linked to a financial fraud case involving Gangotri Enterprises Pvt. Ltd., a company connected to him.
Allegations of Misusing Bank Loans
Several banks, including Bank of India, have accused Gangotri Enterprises of misusing loan money. According to the complaint, the company took huge loans and illegally invested the funds elsewhere, instead of using them for the original purpose.
Initially, the CBI registered a case and started investigating the matter. Now, ED has filed a case under the Prevention of Money Laundering Act (PMLA) and begun its own probe.
What Did the ED Find?
During the investigation, it was found that the loan money was diverted in illegal ways and invested in different businesses to cheat the banks. This raid is part of a bigger crackdown on financial fraud involving public banks’ money. ED officials said this step will help bring strict punishment to those involved in such crimes.
Who Is Vinay Shankar Tiwari?
Vinay Shankar Tiwari is a former MLA and son of former minister Harishankar Tiwari. He is a well-known politician from Uttar Pradesh. His company, Gangotri Enterprises, has faced many controversies in the past.
In 2023, Bank of India alleged that Gangotri Enterprises had taken a loan of over ₹200 crore, and later transferred the money to other companies, avoiding repayment. Since then, CBI and ED have been investigating the Gangotri Group.
What Is ED?
The Enforcement Directorate (ED) is a central agency under the Government of India. It investigates financial crimes, especially cases related to money laundering, corruption, tax evasion, and illegal foreign funding.
ED works under the PMLA Act and mainly looks into cases where money is obtained or used illegally, especially involving public or private banks and government funds.
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