The Enforcement Directorate (ED) on Friday arrested Sandip Jhunjhunwala, Managing Director of REI Agro Ltd, in connection with a money-laundering investigation against him for allegedly defrauding a consortium of banks to the tune of Rs 3,871.71 crore. Jhunjhunwala is accused of “diverting the fund fraudulently for the purpose other than for which it was sanctioned”. …
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January 5, 2018