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JVL Agro Industries assets seized under India's AML over alleged $249 million bank fraud

( August 1, 2024, 00:25 GMT | Official Statement) -- MLex Summary: Assets of JVL Agro Industries have been provisionally seized by India's financial crime-fighting agency under the 2002 Prevention of Money Laundering Act. The Directorate of Enforcement initiated an investigation following allegations that the company's directors had defrauded a consortium of banks led by Bank of Baroda with damages of 19.92 billion rupees ($249 million), failing to repay the dues. The ED investigation revealed that JVL Agro, involved in the manufacturing and trading of different edible oils, imported crude oil through its Singapore subsidiary, JVL Overseas. It then allegedly manipulated financials to secure bank loans and siphoned off vast sums of money through intricate financial maneuvers to shell companies.Statement from the Directorate of Enforcement follows:...

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