Enforcement Directorate (ED) took action against the company on wednesday. The property is owned by Vikas WSP Limited located in Sriganganagar district of Rajasthan. Its directors are BD Agarwal and Bimala Devi. This action of ED has caused a stir across the state. According to the Enforcement Directorate, a temporary order was issued under the Money Laundering Act. Under this, the company was asked to attach 27 agricultural and industrial plots, plants, machinery in Sriganganagar and Bikaner. The total value of the attached property is Rs 52.21 crore. This action has been taken in a case filed by the CBI against the company, its directors and officials of the State Bank of Bikaner and Jaipur (now SBI). The investigation revealed that Vikas WSP Limited had acquired the Export Packing Credit (EPC) facility from the bank on the basis of a fake letter of credit and presented fake bills to the bank to prove its claim.
According to the directorate, the bank later also increased the EPC limit on the basis of fake letter of credit. This limit was extended under the Foreign Banking Negotiating Letter of Credit (FBNLC) scheme. In addition, 36 foreign bills were collected under the FPB scheme. The company took advantage of the EPC on those exported goods which were either not manufactured during that time or were lying in the company's factory. For this, fake bills of export were presented. The EPC raised by the company was later used to purchase immovable properties and bear the company's everyday expenses. The case is under investigation. During the ED's action, considerable police force was also present on the spot.
