New Delhi: The Enforcement Directorate (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 ED 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.