New Delhi, April 8 -- The Enforcement Directorate on Monday arrested Samajwadi Party leader and former MLA Vinay Shankar Tiwari in connection with its money laundering probe into Rs.754 crore bank fraud case, people familiar with the development said.
The agency, on Monday, carried out searches at 10 locations in Uttar Pradesh, Delhi and Mumbai under the Prevention of the Money Laundering Act. Tiwari is the promoter of Gangotri Enterprises Ltd, which availed credit facilities to the tune of Rs.1,129.44 crore from consortium of seven banks.
ED has alleged that the credit facilities were not repaid and grossly diverted, misappropriated and siphoned off by Gangotri Enterprises Ltd. and its promoters/directors/guarantors.
On Monday evening, ...