Bank loan fraud: ED attaches over Rs 52-cr assets of Rajasthan firm

New Delhi: 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 ED said on Wednesday.

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, it said. The Enforcement Directorate (ED) said a provisional order has been issued under the Prevention of Money Laundering Act (PMLA) for attaching 27 agricultural and industrial lands, and plant and machinery located in Sriganganagar and Bikaner districts.

The total value of the attached properties is Rs 52.21 crore. The ED case is based on a Central Bureau of Investigation (CBI) FIR against the company, its directors and officials of the State Bank of Bikaner and Jaipur (now SBI). During investigation it was found that Vikas WSP Ltd availed export packing credit (EPC) facility from the bank on the basis of "fake or forged letters of credit (LCs)".