Vijay Choudhary had a chain of at least 450 companies, many of them registered in several offshore jurisdictions, including the US, the UK, Switzerland, Singapore, Germany and Dubai
In one of the biggest money laundering cases via trusts registered in offshore tax havens, the Enforcement Directorate (ED) has arrested the Vijay Chaudhary, the director of a company named Zoom Developers Pvt Ltd for allegedly swindling Indian public sector banks of over Rs 2,650 crore.
Reported in The Times of India, the ED has attached 1,280 acres of land in California, US, as well as some other assets owned abroad by Choudhary and his family members, together worth about Rs 130 crore.
According to the ED, its investigation revealed that Choudhary had a chain of at least 450 companies, many of them registered in several offshore jurisdictions, including the US, the UK, Switzerland, Singapore, Germany and Dubai, to launder the proceeds of his crime, the money he earned swindling government banks in India.
The ED added that Choudhary generated fake work contracts, and obtained bank guarantees in India on the basis of these contracts and the advance received from them. In addition, Choudhary had floated 15 companies in the US, nine in Dubai, seven in Singapore, four in Germany , three each in the UK and Switzerland, and two each in China and Zimbabwe, to create fake contracts and launder money .
Choudhary and Zoom Developers are facing a CBI case too for cheating government banks. A chargesheet has already been filed by the CBI against Choudhary for causing "wrongful loss to five banks to the tune of Rs 966 crore". According to the CBI chargesheet, the banks include Punjab National Bank, Syndicate Bank, Canara Bank, United Bank of India and Union Bank of India.
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