INDORE: As many as 24banks— Punjab National Bank among them — have approached the Indore administration to help recover Rs 3,000 crore loan from Zoom Developers and associate firms. The company’s promoter, VijayChoudhary is already facing investigations by CBI and ED in a money laundering case. Withthefirms failing to repay the loan, bankshave urgedthe administration to seize properties of Zoom Developers and its associates to recover the money.“Zoom Developers and its associate firms are defaulters of over Rs 30,000 crore in loan and penalty. The loans were availed from 24 banks,” SDM Sandip Soni, who is officer in charge for recovery of bank loans, told TOI.Zoom Developers is a project development and management company. Choudhary — who is the director and main controller of Zoom Developers Private Limited — was arrested by ED on May 2 last year in connection with a money laundering probe in a loan default case of Rs 2,650 crore from 26 banks.Choudhary was granted bail by a special ED court but is still behind bars in the case filed by CBI. As per the rules, the administration gets around 2.5% of the total value recovered as bank loan from defaulters. This way, the administration stands to gain around Rs 75 crore, which is more than its total revenue collection for the year, if it recovers the money from Zoom Developers and its allied firms.“We are working out a strategy, including issuing revenue recovery certificates against defaulter firms,” Soni said. Banks that approached administration are United Bank of India, PNB , Allahabad Bank, Oriental Bank of Commerce, UCO bank, Dena Bank, Canara Bank, Andhra Bank, Syndicate Bank, Vijay Bank, Corporation Bank, Tamil Nadu Mercantile Bank, Central Bank of India, State Bank of Hyderabad, Bank of Baroda, The Karnataka Bank, State Bank of Patiala, The Federal Bank and Indian Overseas Bank, State Bank of Bikaner & Jaipur (SBBJ), Indian Bank, Punjab and Sindh Bank, State Bank of Travancore (SBT) and StateBank of India.

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