The Office of Enforcement (ED) on Monday arrested Vikram Seth, the main defendant in a 2015 Bank of Baroda loan fraud case filed in Chandigarh, from Phagwara, a senior agency official said. ED took over the investigation after the CBI registered the FIR against Vikram Seth and his family members under the Prevention of Money Laundering Act (PMLA) at its area office in Jalandhar. The case was investigated by ED Assistant Director Jagwinderpal Singh.
ED said the CBI investigation found Seth, with the connivance of other defendants and Bank of Baroda officials, was fraudulently sanctioned for 19 loans totaling ₹Rs 21.31 and the money was channeled through the various accounts of the associated firms through a network of transactions.
“The investigation revealed that Seth invested a loan to acquire real estate on behalf of his family members, including his wife, son, brother and brother’s wife,” ED said. ED reported that the family did not have a legal source of income to acquire such real estate.
In May 2020, ED attached 42 immovables and seven movables for the amount of ₹Rs 18.5 crore belongs to Seth and his family in Punjab and Himachal Pradesh.
Attached assets included 20 residential plots, six industrial plots, one house, three agricultural plots, two brick kilns and 10 commercial plots located in Phagwar and Bang in Punjab and Una district in Himachal Pradesh. The seven attached movable assets include three luxury vehicles worth ₹33 lakh.