ED arrests Samajwadi Party leader Vinay Shankar Tiwari in ₹750-crore bank fraud case
- Earlier in on Monday, 7 April, ED conducted raids at properties linked to SP leader Vinay Shankar Tiwari and Gangotri Enterprises, under the provisions of the Prevention of Money Laundering Act (PMLA).
The Enforcement Directorate has arrested Samajwadi party leader and son of late mafia-politician Hari Shankar Tiwari, Vinay Shankar Tiwari, from Lucknow on Monday in ₹750 crore bank fraud case.
Earlier in the day, the ED conducted raids at properties linked to SP leader Vinay Shankar Tiwari and Gangotri Enterprises, under the provisions of the Prevention of Money Laundering Act (PMLA).
According to ED sources, searches were conducted at 10 locations (in Uttar Pradesh, Delhi, and Mumbai) of Gangotri Enterprises, a company linked to Tiwari.
Among these locations, raids were conducted at five locations in Lucknow, two each in Noida and Gorakhpur and one each in Delhi and Mumbai, Hindustan reported.
Even after he was slapped with several notices by the financial probe agency, Vinay Shankar did not appear before the ED. Following this, over a dozen teams of the Enforcement Directorate began conducting searches together early on Monday morning.
Cases against Vinay Shankar Tiwari?
According to the details, Gangotri Enterprises Ltd, for which Tiwari is the promotor, had taken a loan (CC limit) of ₹1,129.44 crore from a consortium of banks. Of this, about ₹750 crore was not returned.
The main promoters of the company are Vinay Shankar Tiwari, Rita Tiwari and Ajeet Pandey, PTI reported earlier.
The Enforcement Directorate alleged that the credit facilities were not repaid and grossly diverted, misappropriated and siphoned off by Gangotri Enterprises Ltd. and its promoters/directors/guarantors in violation of banking norms, "causing wrongful loss to the tune of ₹754.24 crore to the consortium of banks."
Who is Vinay Shankar Tiwari?
Vinay Shankar Tiwari is a SP leader from Uttar Pradesh, and the son of former minister and strongman from Gorakhpur, the late Hari Shankar Tiwari.
Tiwari represented his father’s assembly constituency, Chillupar in Gorakhpur, after he was elected on a BSP ticket. He later joined the Samajwadi Party (SP) and lost the 2022 assembly polls, The Times of India reported.
TOI reported quoting sources that the ED has prepared a chargesheet against him, which is likely to be filed in court soon.
With agency inputs.
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