Bank loan fraud case : ED attaches REI Agro's Rs 480 crores assets

New Delhi: The ED on Thursday said it had attached assets worth over Rs 480 crore of REI Agro Ltd, a prominent basmati rice processing company, in connection with a multi-crore-rupee 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.

In 2016, the Enforcement Directorate (ED) had lodged a money-laundering case against the company, which claims to be the world's largest basmati rice processing firm.

The alleged bank loan fraud is pegged at Rs 3,871.71 crore and it is being probed by the Central Bureau of Investigation (CBI) too.

The attachment worth Rs 481.04 crore largely comprises land, buildings, plants and machinery of the rice mill unit of the company, office space held by its 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 the Fortune Group based at Kolkata had also been attached, the agency said.