Ex-MLA Vinay Shankar Tiwari Arrested in Rs 750 Crore Bank Fraud Case

Former Uttar Pradesh MLA Vinay Shankar Tiwari and a company executive were arrested by the Enforcement Directorate in connection with an alleged Rs 750 crore bank loan fraud. The case, originating from a CBI FIR, is linked to Tiwari's Gangotri Enterprises, accused of misappropriating loans from a bank consortium.

The Enforcement Directorate (ED) has apprehended former Uttar Pradesh MLA Vinay Shankar Tiwari and a senior executive from his company in a high-profile money laundering probe. The case involves an alleged bank loan fraud amounting to Rs 750 crore, as confirmed by official sources.

The money laundering investigation is based on a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI). Tiwari was taken into custody in Lucknow, while Ajeet Pandey, the managing director of Gangotri Enterprises, was arrested in Mahrajganj district, all under the Prevention of Money Laundering Act (PMLA).

Tiwari, a prominent figure in the Samajwadi Party and son of late minister Hari Shankar Tiwari, was previously elected on a BSP ticket. Fresh raids were conducted against Gangotri Enterprises, which conducts road construction and toll operations, revealing loan fraud against a consortium of banks led by the Bank of India. Assets worth Rs 72 crore have been attached, and previous raids were executed in November 2023.

(With inputs from agencies.)