New Delhi/Indore: In major action against Zoom Developers Private Limited, the Enforcement Directorate on Tuesday said that it has attached four immovable properties worth Rs 1.47 crore in connection with its money laundering probe over defrauding banks to the tune of Rs 2,650 crore.
The ED registered a case on the basis of various FIRs and charge-sheets filed by the CBI against Zoom Developers Pvt Ltd, Vijay Choudhary, Sharad Kabra and others for defrauding banks to the tune of Rs 2,650 crore. They belong to Indore in Madhya Pradesh.
An ED official here said that the financial probe agency attached four pieces of agricultural land of Zoom Developers under the sections of the Prevention of Money Laundering Act (PMLA).
It was alleged that Zoom Developers received a huge amount of money from banks by misdeclaration and cheating the consortium of banks. It transferred funds to another group company namely Zoom Realty Projects Private Limited, which is also controlled by Choudhary and others.
"The proceeds of crime generated by defrauding banks was used to purchase immovable properties by routing it through Zoom Realty Projects Pvt Ltd," the official said.
"During investigation, it was revealed that the accused purchased properties in the name of group company namely Zoom Realty Projects Private Limited in Madhya Pradesh's Indore," the official said.
Till date, apart from the four pieces of agricultural lands, the ED had attached properties worth Rs 130 crore. The official said the agency also filed a charge sheet and supplementary charge sheet before the court.