In a statement issued here, ED said the action came on the reasonable belief that the land, buildings, plant and machinery, valued at Rs 48 crore, available at the company's factory premies are related to the crime.
The SBI has loged a complaint with the Central Bureau of Investigation 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.
"During Investigations under PMLA, 2002 falsification of records was admitted and it was stated that the stock gap between the actual and reported to banks has risen to 3,000 kg of gold by 2017," the statement said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)