By A Staff Reporter
New Delhi | The Enforcement Directorate (ED) on Monday launched extensive searches across multiple cities in connection with a ₹700 crore bank fraud case involving Samajwadi Party leader and former MLA Vinay Shankar Tiwari. According to the ED, the searches are being carried out at 10 locations spanning Uttar Pradesh, Delhi, and Mumbai.
Tiwari, a prominent figure in eastern Uttar Pradesh politics, is the promoter of Gangotri Enterprises, a company allegedly involved in large-scale financial irregularities. The firm, which has undertaken various government contracts, is under scrutiny for securing loans through fraudulent means and defaulting on massive repayments, leading to significant losses to public sector banks.
Sources in the ED said the case revolves around suspected fund diversion, inflated project costs, and use of shell companies to launder the proceeds of crime. The raids aim to uncover evidence of money laundering and misappropriation of bank funds.
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