Rajasthan: ED attaches assets worth Rs 52.21 cr in bank fraud case

Assets worth over Rs 52 crore of a Rajasthan-based company have been attached under the anti-money laundering law in an alleged bank loan fraud case. The properties belong to Vikas WSP Ltd, a firm based in the state's Sriganganagar district, and its directors B D Agarwal and Bimla Devi.

Sriganganagar: Enforcement Directorate (ED) has attached immovable properties worth Rs 52.21 crores belonging M/s Vikas WSP ltd., Sriganganagar, Rajasthan and its directors BD Agarwal and Bimla Devi in a bank fraud case.

The attached assets consist of 27 pieces of Agriculture / Industrial land and Plant and Machinery situated at Sriganganagar and Bikaner districts of Rajasthan.

Investigations under PMLA revealed that M/s Vikas WSP Ltd had availed Export Packing Credit (EPC) facility from the Authorized Bank "on the basis of fake/forged Letters of Credit and submitted fake Bill of Lading to substantiate its claim before the Authorized Bank".

Investigations under Prevention of Money Laundering Act (PMLA) were initiated on the basis of FIR and charge sheet filed by Bank Security and Fraud Cell, Central Bureau of Investigation (CBI), New Delhi against M/s Vikas WSP Ltd and its Directors B D Agarwal and Bimla Devi along with bank officials of State Bank of Bikaner and Jaipur (now State Bank of India), Sriganganagar. Further investigation is under progress.