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ED attaches immovable properties of Kanishk Gold worth Rs 138 cr

IANS  |  Chennai 

The (ED) on Thursday said it has attached immovable properties, worth Rs 138 crore, belonging to and its under the Prevention of Act (PMLA).

In a statement issued here, ED said the 14 immovable properties worth about Rs 138 crore belonging to Kanishk Gold and its Jain.

On April 24, the ED it has frozen Rs 48 crore worth of properties belonging to under

According to ED, a Provisional Attachment Order was issued April 24, attaching properties to the tune of Rs 143.58 crore, which were identified as proceeds of committed by Jain along with others, as the same are involved in

The jewellery company is alleged to have indulged in offences of forgery, cheating and criminal conspiracy against 14 member consortium led by (SBI).

The SBI has loged a complaint with the and an FIR has been lodged.

It is alleged that Kanishk Gold secured credit facilities from banks after providing fudged stock statements with the help of chartered accountants.

The total loss caused to the banks due to the above fraud works out to the tune of Rs 824 crore, outstanding as on December 31, 2017, the ED said.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, June 14 2018. 19:34 IST