The ED today said it has arrested the managing director of a rice milling firm in connection with its money laundering probein an alleged Rs 3,871 crore bank fraud case.
The central probe agency said it has arrested Sandip Jhunjhunwala, Managing Director of Ms REI Agro Limited "under the PMLA (Prevention of Money Laundering Act) in connection with money laundering following de-frauding a consortium of banks to the tune of Rs 3,871.71 crore by diverting the funds fraudulently."
The agency, in 2016, had registered a money laundering case against the company, which claims to the world's largest basmati rice processing firm.
The Enforcement Directorate (ED) had last year attached assets worth Rs 411.24 crore in this case.
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