ED Seizes Seizes Land Owned By Zoom Developers

7/9/2015 12:22:47 PM
written By : Team India Se Print

In one of the biggest bank loan frauds in India, the Indore Enforcement Directorate on Thursday seized around 1,280 acres of land in California, US. The land which is  worth roughly Rs 1,000 crore, belongs to Zoom Developers headed by Bombay-based businessman Vijay Chaudhary.   

This was in connection with a case of money laundering (totalling Rs 2200 crore) from various banks for realty projects in Europe. However, no project was ever undertaken, and the money was allegedly siphoned off by Chaudhary. Last month, one of the directors of the company, Sharad Kabra, was arrested by the Indore ED. An arrest warrant has also been issued against Chaudhary who is on the run. ED officials said it is the first time that an Indian agency had taken such an action in the US.

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