NEW DELHI: The Enforcement Directorate(ED) has attached 1,280 acres of land in California of the US, first time in the history of the Enforcement Directorate. The decision was taken in relation to the bank loan fraud by the zoom developers.
The firm Zoom developers have taken Rs.2,200 crores as loan from an Indian Bank. The loan was sanctioned to the Zoom developers to carry out various projects in the European countries. However, no work has yet began as said by the company and on the other hand, the money was siphoned off.
The alleged Zoom developers were being sued by the bank and the promoter of the firm Vijay Chaudary is absconding. An arrest warrant has been issued against him.
The property which belonged to the firm, a 1,280 acres land in the California was later attached by the Enforcement Directorate. The first of its attachments in the United States, as per the reports. The attached property has a market value of Rs.1000 crores.
The fraud case has earlier witnessed one of the Zoom developers managers being arrested and sent for Judicial custody. An additional arrest warrant on Vijay Chaudary has also been issued at the same time.
The case is considered as one of the biggest bank loan frauds in India. The firm Zoom developers is based in Mumbai and Indore, the Times of India reports.
