ED action in Vidyawasini Group Bank fraud case, assets worth Rs 81.88 crore attached

Ed Action on Money Laundering Case: The Mumbai Zonal Office of the Enforcement Directorate (ED) has taken major action in the bank fraud case registered against Vidyavasini Group of Companies under the Money Laundering Prevention Act (PMLA), 2002. The ED has temporarily attached the company’s immovable and movable properties worth about Rs 81.88 crore. This action group promoters Vijay Rajendra Prasad Gupta, Ajay R.K. It has been done against Rajendra Prasad Gupta and his colleagues. The investigation was launched by the CBI and the Economic Offenses Branch (EOW), Mumbai on the basis of several FIRs registered under various sections of the Indian Penal Code 1860 and the Prevention of Corruption Act 1988. The CBI investigation revealed the disclosure of the 764.44 crore scam in an investigation by the Central Bureau of Investigation (CBI) that the accused Vijay and Ajay Gupta along with bank officials, chartered accountants, loan advisors and other conspirators in collaboration with various companies of the group in the name of various companies of the group took loans and credit facilities. After this, these loans were diverted in other places, used in personal benefits and other works, causing a loss of Rs 764.44 crore to SBI. More than 50 shell companies created to hide and rotate money. ED investigation revealed that the promoters of Vidyavasini Group used more than 50 shell companies to hide and rotate the proceeds of crime. Apart from this, cash of more than Rs 42 crore was also withdrawn. With the loan amount, he bought immovable properties on his name, names of family members and benami names. Judicial custody is in judicial custody, Vijay R. Gupta during this investigation, the main promoter of the group Vijay R.K. Gupta was arrested on March 26, 2025 under Section 19 of PMLA 2002 and is currently in judicial custody. Further investigation of the case is going on.

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