Mumbai, May 03: Enforcement Directorate (ED) arrested Zoom Developers' promoter and director Vijay Choudhary, who is said to be involved in default of loans to the tune of ₹2,600 crore which was taken from 25 banks. This case is being described as one of the biggest bank fraud cases being investigated by probe agencies in the country.
Choudhary was arrested on behalf of the cases registered by the CBI, which has filed five charge sheets against him. Choudhary was arrested in Mumbai and the further proceeding of the case will be taken to Indore.
According to ED, the Zoom Developers is involved in default of loans to the tune of ₹2,600 crore, taken from 25 banks. However, the present case pertains to ₹966-crore default. Earlier the agency has attached assets which include 1,280 acres in California, worth more than ₹130 crore in the money laundering case.
ED gave information that Choudhary had got two Trusts, named Beverin Stifung Foundation and Windleaf Foundation, incorporated in Liechtenstein, of which he was the sole beneficiary. Subsequently, through these Trusts, five companies were formed in the United Kingdom and Switzerland.
The ED claims that Choudhary in conspiracy with chartered accountant Sharad Kabra and other associates siphoned off the funds which were laundered through a large number of companies and used to acquire assets overseas. Kabra was also arrested by ED for this case and filed a charge sheet against him.
ED said "Choudhary has formed almost 485 companies in the name of himself, his family members and employees. He has also floated 15 companies in the United States, three in the United Kingdom, three in Switzerland, seven in Singapore, four in Germany, nine in the United Arab Emirates, two in China and two in Zimbabwe, apparently for the purpose of money laundering”.
The separate case was also filed by CBI saying that several crucial papers related to the investigation against Zoom Developers and other accused persons were stolen from its records by some of the company officials.