The Enforcement Directorate (ED) has filed prosecution complaint against the Director and main controller of Zoom Developers Private Limited (ZDPL) Vijay Madanlal Choudhary for the offence of money laundering before the Special Prevention of Money Laundering Act (PMLA) Court in Indore.
Choudhary was arrested by the ED on May 5, 2017 and is in judicial custody.
The ED conducted investigation on the basis of First Information Report (F.I.R.) and chargesheet filed by the Central Bureau of Investigation (CBI).
The CBI chargesheet alleged that Choudhary, who controlled M/s Zoom Developers, has caused wrongful loss to the five banks: Punjab National Bank, Syndicate Bank, Canara Bank, United Bank of India and Union Bank to the tune of Rs. 966 crore. Further, this loss is not just limited to Rs. 966 crore but the accused has cheated more than 25 Banks and it involves huge public money over Rs.2,650 crore.
The ED in a statement said that Vijay Choudhary formed trusts and beneficiary companies, called as Aggregators and concealed the same during the course of investigation.
"He has knowingly assisted in projecting the foreign companies as independent entities concealing the relationship between the trust and the foreign companies, which were termed as Aggregators. He attended consortium meetings with the Bankers and concealed the fact that he is the common beneficiary of the Aggregators and ZDPL," said the ED statement.
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Earlier a complaint was filed by the ED against Sharad Kabra in this case, who spilled beans about Choudhary's involvement in the money laundering.
The ED has attached assets worth Rs. 130 crore of Choudhary and the ZDPL.
"The complaint filed by ED includes the money trail of all these properties depicting how the proceeds of crime derived from the schedule offence of defrauding the Indian Banks has been diverted through ZDPL and layered through various companies/bank accounts controlled by Vijay Choudhary and finally integrated into aforesaid properties," the ED statement said.
ED has already sent Letter of Requests (LRs) to UK and Switzerland and expects that once the reply of these LRs are received, the assets/investments created abroad by Vijay Choudhary will be revealed and the role played by him to defraud the Indian Banks by diverting the money abroad will be fully established. The ED has also sought assistance of CBI in this regard.
Further investigation is still in progress.