The Enforcement Directorate has arrested the Director and promoter of a Mumbai-based firm in connection with its money laundering probe in a bank loan fraud case involving over 2,600 crore rupees. This case is being described as one of the biggest bank fraud cases being investigated by probe agencies in the country.
Officials said the agency arrested Vijay M Choudhary late yesterday in Mumbai under the provisions of the Prevention of Money Laundering Act (PMLA). He is expected to be produced by ED officials in a court in Indore today.
Choudhary is the Director and main controller of Zoom Developers Private Limited and was wanted by the ED. Zoom Developers operates from Indore and Mumbai. It is alleged that the firm and its controllers cheated 25 banks to the tune of 2,650 crore rupees.