ED attaches property of one of the top bank loan defaulters in US
July 02, 2015
Ahmedabad
For the first in its history, the enforcement directorate (ED) Ahmedabad has attached 1,280 acres of land in California, US in connection with Rs 2,200 crore bank loan fraud by Indore and Mumbai based firm Zoom Developers and its promoter Vijay Chaudhary, who is facing arrest warrant and absconding.
This is believed as first such attachment in US. One of Zoom’s directors Sharad Kabra was arrested last month and is in judicial custody.
The officials are not denying the involvement of bank officials in the fraud.
Zoom Developers is considered the fourth largest bank loan defaulter in India. Full list of top 50 defaulters here Bank employees union:
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