Bank loan fraud case: ED attaches over Rs 480 cr assets of REI Agro

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Published: August 1, 2019 1:30:44 PM

The Enforcement Directorate (ED), in 2016, had registered a money laundering case against the company, which claims to be the world's largest basmati rice processing firm. The alleged bank fraud is pegged at Rs 3,871.71 crore.

Bank loan fraud, Bank loan fraud case, ED, REI Agro, REI Agro news, REI Agro lit, industry newsFifty per cent share of the immovable properties held by four companies of Fortune Group based at Kolkata have also been attached (IE)

The ED on Thursday said it has attached assets worth over Rs 480 crore of REI Agro Ltd, a prominent basmati rice processing company, in connection with an alleged multi-crore bank loan fraud case. The central agency issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA) against the firm, it said in a statement.

The Enforcement Directorate (ED), in 2016, had registered a money laundering case against the company, which claims to be the world’s largest basmati rice processing firm. The alleged bank fraud is pegged at Rs 3,871.71 crore.

The attachment worth Rs 481.04 crore largely comprises the land building plant and machinery of the rice mill unit of the company office space that is held by the controlled companies and wind farms owned by REI Agro Ltd, according to the statement.

Fifty per cent share of the immovable properties held by four companies of Fortune Group based at Kolkata have also been attached, the agency said.

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