In an unprecedented move, the Ahmedabad unit of the Enforcement Directorate has attached 1280 acre of land in California in US, in connection with one of the biggest bank loan frauds.
The fraud was allegedly done by Zoom developers and its promoter Vijay Chaudhary, who is an absconder.
A loan worth Rs 2,200 crore was reportedly taken for various projects in European countries, but no work was done and the money was siphoned out.
According to reports, the property that has been attached by the ED was purchased from the money taken as loan. The value of the land is expected to be more than Rs 1,000 crore.
One of the directors of the company, Sharad Kabra, was arrested in May and is currently under judicial custody. However, the authorities have failed to nab Vijay Chaudhary, who has been absconding since the probe was initiated.
This is one of the biggest bank loan frauds and the involvement of bank is also under scanner.
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