ED Attaches 520 Acres in Rs 814 Crore Bank Loan Fraud Case

The Enforcement Directorate (ED) seized over 520 acres of land, valued at Rs 814 crore, related to JVL Agro Industries Limited due to a money-laundering probe. The Uttar Pradesh-based edible oil company, linked to a major bank loan fraud, is currently under liquidation.

The Enforcement Directorate (ED) announced on Wednesday the attachment of over 520 acres of land, spread across multiple states and valued at Rs 814 crore, connected to an Uttar Pradesh-based edible oil manufacturing firm amid a money-laundering investigation related to an alleged bank loan fraud.

The ED's investigation focuses on JVL Agro Industries Limited, headquartered in Varanasi, which produced the popular ''Jhoola Dalda'' brand of vegetable oil. The company's promoters, Satya Narayan Jhunjhunwala and Adarsh Jhunjhunwala, were initially booked by the Central Bureau of Investigation (CBI).

The company, now under liquidation, had assets including 521 acres of land in Varanasi, Rohtas, Palam, and Raigarh, held by various JVL entities and the promoters. The ED conducted raids on these entities in June. JVL Agro allegedly secured bank credit by submitting manipulated financial statements and diverted funds through multiple group entities, causing significant losses to a bank consortium led by Bank of Baroda.

(With inputs from agencies.)