New Delhi: The ED today said it has arrested the managing director of a rice milling firm in connection with its money laundering probe in an alleged Rs 3,871 crore bank fraud case.
The central probe agency said it has arrested Sandip
Jhunjhunwala, Managing Director of Ms REI Agro Limited "under
the PMLA (Prevention of Money Laundering Act) in connection
with money laundering following de-frauding a consortium of
banks to the tune of Rs 3,871.71 crore by diverting the funds
fraudulently."
The agency, in 2016, had registered a money laundering
case against the company, which claims to the world's largest
basmati rice processing firm.
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The Enforcement Directorate (ED) had last year attached
assets worth Rs 411.24 crore in this case.
PTI
