BY PTI | UPDATED: MAY 04, 2017, 10.22 PM
IST
The CBI today arrested the chairman of REI
Agro along with a promoter of the company in connection with an alleged bank
loan fraud of Rs 3,871 crore.
Chairman Sanjay Jhunjhunwala, who was facing a
Red Corner Notice issued by the United Arab Emirates, was arrested after he
returned from abroad.
The CBI had also issued a Look Out Circular
against him.
Promoter Sandip Jhunjhunwala was also arrested
by the agency here today.
The agency had registered a case against them
and the Kolkata-based REI Agro, which deals with Basmati rice exports, in
October 2015.
The action was taken on the complaint from a
consortium of 14 banks led by UCO Bank.
It was alleged that the company had defrauded
the banks to the extent of Rs 3,871 crore since 2013 through conspiracy,
cheating and forgery, the spokesperson said.
It is alleged that the company cheated the banks
using 150 shell companies, on the basis of fixed commission, through a group of
brokers by creating false invoice, documents of money transfers for
non-existent transactions, CBI sources said.
They said Jhunjhunwala was also facing a case of
misappropriation of AED 160 million for which the UAE authorities had issued a
Red Corner Notice against him.
He is.Sandip Jhunjhunwala of REI Agro.
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