Court grants ED custody to Mumbai bizman

A special court here on Thursday sent the director of a private company to the Enforcement Directorate (ED) custody till May 13 in an alleged Rs 2,650-crore bank loan fraud case.

Special Judge Kamal Joshi ordered to sent the director of Zoom Developers Private Limited Vijay Madanlal Chowdhary (59) - to the ED custody till May 13.

Chowdhary, the prime accused in the case was arrested from Mumbai on Wednesday.

After the order, an application was filed before the court urging that the ED should carry out interrogation in the presence of Chowdhary's lawyers.

The court would hear this plea on Friday.

During the hearing, the ED's lawyer said Chowdhary had been absconding since 2013 and interrogation was needed.

Chowdhary's lawyer Vikram Chowdhary, however, termed the arrest under Prevention of Money Laundering Act (PMLA) as illegal.

He also claimed that transit permission of any competent court was also not taken. The directors of Zoom Developers Private Limited are accused of committing fraud in taking a loan worth Rs 2,650-crore from 25 banks. MPost