₹1,000 crore of REI Agro’s attached assets to be liquidated to repay victims in bank fraud case

The Compliance Directorate has facilitated the release of properties worth 1,000 million rupees to the Liquidator of Rei Agro Limited and Varrsana Ispat with the purpose of restitution to the claimants or victims of the alleged bank fraud of the companies. Claimers are mainly public sector banks.

On Wednesday, a special court allowed the release of assets owned by Rei Agro Limited and Varrsana Ispat to their liquidator, following an object without value of the emergency service. The liquidator provided a task that will meet the conditions proposed by the agency.

The conditions are that the auction of the attached properties will be carried out in a way that generates maximum values ​​for the victims or claimants, and that the property is not sold any related part of the corporate department, and/or directors or directors or/oo orpans oo/or otpans oo orpans or orpans or orpans or ootders or OTDERSIE’S’S’S’S’S’S’S’S’S’S’S’S’S ORPERS/ORPERS/ORPERS/ORPANS O ORPANS O OTWERSY’S ORPANS OR OTDERSY AND/ORPANS ORPERSCHY AND//ORPANS OR/OR SUFFITE AND/OTHER THE PROPERTY REMAINS THE PROPERTY, THE PROPERTY

The properties in question are found in different parts of Haryana and Gujarat. They were attached to the Emergency Department between 2017 and 2019, in relation to a case of alleged bank fraud for a sum of ₹ 3,871.71 million rupees.

Bank fraud methods

The ED investigation under the money laundering prevention law is based on a first information report registered by the Central Research Office. It was alleged that Rei Agro Limited and its directors, Sandip Jhunjhunwala, Sanjay Jhunjhunwala and Ethers, obtained credit facilities and limits of 14 banks under a consortium agreement and then, of 2013 they ignore, cheated themons7, cheated themons7, cheated on them 1.1.7.1..1.1.1.1.1.1.1.1.1.1.1.1.1.7.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.7.1.1.1.1.1.1. 1.1.1.1.1.1.1.1.1.1.1.7.1.1.1.1.1.1.1.1.1.1.1.1.1.1.7.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.7.1.1.1.1.1.1.1.1.1.1.1.1.

According to the Emergency Department, the funds were diverted using the modus operandi of modus varied, including trade in false/false invoices; Invest in Varrsana ispat privately limited and through controlled companies; Configuration of a greater amount of Capex advances given to several Shell companies through arbitration to a very low amount; Showing a higher construction cost; and organizing false purchase or sale invoices.

“Sandip Jhunjhunwala was engaged in arranging false purchase/salales of invoices of rice and paddy through brokers/dealers of delhi for availing maximum working capital limits from the consortium Banks, hey has alSetelytle’s diver Expenduals the Tune of ₹ 600 (Approximately) Through Kolkata-Based Shell Companies to the Accounts of Associates’ Companies or Companies Controlled by Him Using Banking Channels, “The agency had previously alleged.

Later, a part of the same amounted to ₹ 300 million rupees “resolved through arbitration” against the land taking worth approximately ₹ 22 million rupees. “[The] The defendant also organized false iron and steel invoices for a sum of ₹ 25 million rupees and showed it as a capital expenditure, but received this amount in cash, “said the ED.

In August 2019, the total attachment in the case, near ₹ was 1,065.77 million rupees.