ED attaches properties of this realty firm in Rs 2,650 cr scam
New Delhi: In yet another case of money laundering by a real estate player, the ED has has attached immovable assets worth Rs 1.47 crore of Zoom Developers in an alleged defrauding of banks to the extent of Rs 2,650 crore.
The ED attached has four pieces of agricultural land belonging to Zoom Developers. The action has bee taken under provisions of Prevention of Money Laundering Act (PMLA).
The ED had registered a case against the realty firm on the basis of several FIRsfiled by CBI against not just the company but its directors Vijay Choudhary and Sharad Kabra for defrauding the banks.
It is mentioned in the FIRs that the realty firm got huge sums of money from banks by way of misdeclaring and cheating the. The company routed the money to another Group firm- Zoom Realty Projects Pvt Ltd.
Many of the properties purchased by the Group company are in Indore, Madhya Pradesh, a statement by ED said.