ED raid continues on Jhunjhunwala’s house and oil mill for 24 hours UP JVL Agro Industries Limited, JJhunjhunwala Oil Mill Limited ED Raid Update | Prayagraj Varanasi | ED raid continues on Jhunjhunwala’s house and oil mill for 24 hours: Factories closed for 5 years, transactions worth crores in paper business, CBI has also raided – Varanasi News

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First let us tell you the sequence of events of action against Jhunjhunwala

In 2019, the CBI had registered a case of bank fraud of about 1000 crores against prominent entrepreneur Jhunjhunwala. Then, ED entered regarding money laundering. According to sources, ED has seized two laptops and more than 100 files. Dinanath Jhunjhunwala used to sell clothes by hawking 4 to 5 decades ago. Later he started making Jhula brand Dalda (vegetable oil), which has been very famous in UP-Bihar.

Dinanath Jhunjhunwala is accused of committing a bank fraud of more than one thousand crores. Punjab National Bank and Bank of Baroda have about 900 crores in this. Jhunjhunwala and his family had taken loans worth crores from 11 banks. But, they have not returned the money till now. His company JVL Agro Industries Limited is the biggest borrower.

JVL Agro had taken a huge loan from various branches of Bank of Baroda and Punjab National Bank across the country. The allegation is that the loan was taken in connivance with the bankers and the loan was not returned. The special thing is that despite providing wrong information about the stock and balance sheet, the banks had given a credit limit of crores.

A team of ED reached Dinanath Jhunjhunwala’s Nati Imli residence at 7 am on Friday and is still investigating. The teams are searching documents at 7 locations of Jhunjhunwala in the country including Ashapuri and Hiraman’s oil mill, Delhi, Madhya Pradesh, Maharashtra, Kolkata, Rajasthan.

All the factories of Jhunjhunwala are closed for years