New Delhi: CBI has registered a case of alleged cheating against Kolkata-based rice processing company REI Agro and its directors for defaulting loans worth over Rs 3,800 crore from consortium of 15 public sector banks.
The premises of the company in Delhi, Kolkata and Haryana’s Rewari district were searched today after the registration of the case, sources said.
The company was also a co-sponsor of IPL team Delhi Daredevils in 2013.
CBI has registered a case of alleged criminal conspiracy, cheating, forgery and falsification of documents against the company and its directors – Sanjay Jhunjhunwala, Sandeep Jhunjhunwala, N K Gupta and Krishna Daya Ghosh.
“These banks have been allegedly defrauded by the said company to the extent of Rs 3,814.39 crores (approx), 2013 onwards,” CBI spokesperson Devpreet Singh said.
However, the company did not comment on the issue.
CBI sources said the company, which sells Basmati rice under the brand name Raindrops, had allegedly created a web of shell companies to facilitate fraudulent transactions related to rice trading, and defrauded banks in India and abroad.
They said the company was formed in 1994 and for some period remained listed on London Stock Exchange and Singapore Stock Exchange. It ran 400 super stores across India with the brand name of 6Ten.
In Singapore, financial service provider Credit Suisse has sued the company for 80 million dollars, they said.
During the searches today, CBI has seized 10 hard discs, among other things, which are believed to carry vital information about company’s operations.