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Prosecution complaint filed against Kanishk Gold MD

IANS  |  Chennai 

The (ED) on Friday said it has filed a prosecution complaint against Bhoopesh Kumar Jain, of and others for alleged

In a statement issued here, the ED said on conclusion of its investigations in connection with the properties bought with the money borrowed from banks fraudently, the prosecution complaint has been filed against Jain and four others for trail of offences.

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

The SBI has loged a complaint with the and a 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.

In June, the ED said it had attached 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 the PMLA.

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

--IANS

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

First Published: Fri, July 20 2018. 22:10 IST
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