New Delhi: The Enforcement Directorate (ED) on Monday carried out coordinated raids at nearly ten locations linked to Samajwadi Party leader and former MLA Vinay Shankar Tiwari in connection with an alleged ₹700 crore bank fraud involving Gangotri Enterprises Limited.
The searches were conducted under Section 17 of the Prevention of Money Laundering Act (PMLA), covering key cities including Gorakhpur, Lucknow, Noida, Maharajganj, Delhi, and Mumbai. According to officials, the raids mark a widening probe into financial irregularities following complaints filed by the Bank of India and other financial institutions.
Investigators allege that Gangotri Enterprises diverted sanctioned bank loans to shell companies through unlawful means. Earlier, the Central Bureau of Investigation (CBI) had initiated a criminal case against the firm, triggering a joint investigation now being pursued by the ED under PMLA provisions.
Sources in the ED said that during the probe, it was discovered that loans sanctioned for specific business purposes were illegally routed to unrelated entities. This diversion of funds, authorities believe, was a deliberate attempt to defraud the banking system.
Vinay Shankar Tiwari, son of the late Hari Shankar Tiwari—a powerful minister and political heavyweight from Gorakhpur—has been closely associated with Gangotri Enterprises, which has long remained under the scanner.
In 2023, the Bank of India lodged a formal complaint, alleging that the company siphoned off over ₹700 crore to several shell firms, triggering a cascade of investigations. Monday’s ED action marks a crucial development in the case, with officials confirming that documents and digital evidence were seized during the searches.
While no formal arrest has been made so far, the financial probe agency is expected to summon those connected to the enterprise for questioning in the coming days.
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