CBI files FIR in Rs 8-bn 'loan fraud' by Kanishk Gold; carries out probes

The Central Bureau of Investigation (CBI) has registered a case of alleged loan fraud of Rs 8.24 billion committed by Chennai-based Kanishk Gold, officials said. The case has been registered by the CBI on a complaint from SBI on behalf of a 14-bank consortium, they said.

The CBI has booked the company, its promoter director Bhoopesh Kumar Jain, directors Neeta Jain, Tejraj Achha, Ajay Kumar Jain and Sumit Kedia and others. Searches were carried out at the official and residential premises of the promoters, the officials said. SBI said the “fraud” was worth Rs 8.24 billion, but the security available with it to cover the “loss” was only around Rs 1.57 billion.