Bank fraud: ED attaches over 500 acres of land worth Rs 814 crore of UP oil company

The Enforcement Directorate (ED) has attached over 520 acres of land, valued at Rs 814 crore, from the Uttar Pradesh-based JVL Agro Industries Limited and its promoters, Satya Narayan Jhunjhunwala and Adarsh Jhunjhunwala. The properties, located in Varanasi (Uttar Pradesh), Rohtas (Bihar), Palam (New Delhi), and Raigarh (Maharashtra), are linked to an alleged bank loan fraud. The company, which produced "Jhoola Dalda" vegetable oil, is currently in liquidation. The ED's investigation reveals that the company manipulated financial statements to secure loans and diverted funds through various entities. This resulted in losses of Rs 1,992 crore to a bank consortium led by Bank of Baroda.