The Enforcement Directorate (ED) in Prayagraj attached movable and immovable properties valued at Rs 3.94 crore related to a Rs 1,970 crore bank fraud involving JVL Agro Industries Limited and others. This action was taken under the Prevention of Money Laundering Act (PMLA), 2002.
The ED’s Allahabad Sub-Zonal Office issued three Provisional Attachment Orders (PAOs) in connection with the ongoing investigation into JVL Agro Industries Limited and others. The total Provisional Attachment in this case has now reached Rs 882.61 crore.
Following an investigation based on a CBI FIR and Charge Sheet, it was found that JVL, along with its promoter Satya Narayan Jhunjhunwala and associates, engaged in a criminal conspiracy resulting in a loss of over Rs 1,970 crore to a Consortium of Banks.
The probe revealed that Satya Narayan Jhunjhunwala, along with his associates, diverted the Proceeds of Crime from company funds through various channels for personal gain. Searches were conducted at 13 premises linked to Satya Narayan Jhunjhunwala and others under the PMLA.
