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ED attaches REI Agro's assets worth Rs 480 cr over alleged bank loan fraud

The central agency issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA) against the firm, it said in a statement

Press Trust of India  |  New Delhi 

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The ED on Thursday said it has attached assets worth over Rs 480 crore of Ltd, a prominent 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 (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 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.

First Published: Thu, August 01 2019. 11:30 IST
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