ED attaches assets of REI Agro in Rs 3,871-cr fraud case
New Delhi: The Enforcement Directorate has provisionally attached movable and immovable properties of REI Agro Ltd and the beneficiary owners worth Rs 73.26 crore under Prevention of Money Laundering Act in connection with Rs 3,871.71-crore bank fraud case, including assets owned in Graintech India Ltd at Budhewal in Ludhiana. The property attached includes 537 hectares of agricultural land at Bikaner, Rajasthan, portion of immovable property owned in Graintech India Ltd at Budhewal in Ludhiana, land and four wind turbines erected on it at Sakri tehsil in Dhule district of Maharashtra. Apart from this, the movable properties in the form of shares, mutual funds and bank deposits were also attached, it added. The move has come after the registration of an FIR by the CBI on October 26, 2015 in a case related to defrauding consortium of banks to the tune of Rs 3,871.71 crore. The ED has found that REI Agro Ltd and its directors Sandip Jhunjhunwala and others, have diverted funds sanctioned as working capital loan by 14 banks under consortium led by UCO Bank by raising bogus or fake bills. TNS
