New Delhi, Aug 1 (IANS): The Enforcement Directorate on Thursday said it has attached assets worth over Rs 480 crore of REI Agro Ltd, which claims to be the world's largest basmati rice processing firm, under the Prevention of Money Laundering Act (PMLA).

The ED in 2016 had registered a money laundering case against the company. It has been accused of bank fraud totalling Rs 3,871.71 crore.

An ED statement said the company Directors Sandip Jhunjhunwala, Sanjay Jhunjhunwala and others availed credit facilities from various banks including UCO Bank "under a consortium arrangement" and defrauded them from 2013 to the tune of Rs 3,871.71 crore by diverting the funds fraudulently for other purposes.

The attachment worth Rs 481.04 crore largely comprises the land, building and plant and machinery of the rice mill.

Fifty per cent share of the immovable properties held by four companies of Fortune Group based in Kolkata have also been attached, the agency said.

With the latest development, the total attachment totals Rs 1,065.77 crore. Sandip Jhunjhunwala has been arrested for alleged money laundering.