Setting higher amount of "Capex advances" to various shell companies by way of arbitration at a very low amount, showing higher cost of construction and arranging fake purchase and sale bills were the other forms of modus operandi used by the REI Agro, an ED statement said. In its investigation, the ED found REI Agro and its directors diverted the funds sanctioned as working capital loan by the consortium of banks using different modes including trading in fake bills, investing the money in Varrsana Ispat Pvt Ltd directly and through controlled companies. The CBI FIR alleged REI Agro, its directors - Sandip and Sanjay Jhunjhunwala - and others availed various credit facilities from 14 banks under consortium arrangement led by UCO Bank and defrauded them from 2013 onwards to the tune of Rs 3,871.71 crore. The agency, in 2016, had registered a money laundering case against the company which claims to the world's largest basmati rice processing firm, and its directors based on the Central Bureau of Investigation's (CBI) October 2015 case. Jhunjhunwala is accused of "diverting the fund fraudulently for the purpose other than for which it was sanctioned". The Enforcement Directorate (ED) on Friday arrested Sandip Jhunjhunwala, Managing Director of REI Agro Ltd, in connection with a money laundering investigation against him for allegedly defrauding a consortium of banks to the tune of Rs 3,871.71 crore.
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