ED: Raids in many states in bank loan scam, allegations of money laundering on former MLA's company

In connection with the Rs 750 crore bank loan scam, the Enforcement Directorate (ED) conducted raids in multiple states on Friday, including Uttar Pradesh. The FBI believes that the bank loan scam involves money laundering. The Gangotri Enterprises company's premises have been raided by the Enforcement Department. Ajit Pandey, Rita Tiwari, and former UP MLA Vinay Shankar Tiwari are the company's promoters. Vinay Shankar Tiwari is the son of Harishankar Tiwari, the late Bahubali leader of Uttar Pradesh. After winning the BSP ticket and winning the Chillupar seat in Gorakhpur, Vinay Shankar Tiwari joined the SP.

Allegations have been made that between 2012 and 2016, Gangotri Enterprises engaged in a loan scam involving approximately Rs 750 crore from a group of multiple banks. The Bank of India is in charge of the group of banks. In connection with this scam, the ED raided Lucknow, Gorakhpur, and Noida on Friday. In addition, raids were carried out at places in Gurugram, Haryana, and Ahmedabad, Gujarat. Gangotri Enterprises manages toll plazas, builds roads, and handles other government contracts. In November of last year, the ED had also seized assets, in this case, totalling approximately Rs 72 crore.