NEW DELHI: The Central Bureau of Investigation (CBI) on Thursday questioned Bhoopesh Jain and Neeta Jain - directors of Chennai-based Kanishk Gold Pvt Ltd - in connection with the Rs 824 crore mortgage default case. It has also issued Look out Circulars (LoC) in opposition to the promoters and directors of Kanishk Jewellers so that they don’t flee the country.
The agency had registered a case of alleged mortgage fraud on Wednesday after a complaint from the State Bank of India (SBI) on behalf of the 14-bank consortium.
Apart from Bhoopesh and Neeta Jain, the CBI earlier booked Tejraj Achha, Ajay Kumar Jain and Sumit Kedia and some (unidentified) public servants.
The CBI carried out searches at the authentic and residential premises of promoters of Kanishk Gold as it introduced probe within the Rs 824-crore mortgage fraud case, the officials said.
The company engaged in production gold jewelry which was marketed underneath the brand name 'Krizz' which have been bought through distributors till 2014. But in 2015 it changed its enterprise style to B2B (business-to-business) and began supplying to huge retail jewellers, the SBI said within the complaint to the CBI.
The mortgage accounts of the corporate have been taken over by means of the SBI from the ICICI in 2008, while its banking arrangement was converted right into a a couple of banking gadget in March 2011, it said.
The SBI alleged that the "fraud" is to the music of Rs 824.15 crore, however the security available with it to cover the "loss" is handiest around Rs 156.65 crore.
In 2012, the consortium with SBI as lead financial institution, sanctioned granting of steel gold mortgage (MGL) to Kanishk. "Using this option, Kanishk would purchase gold in the form of bullions from nominated banks in the consortium or from the open market using credit under MGL or from its current account," said SBI.
SBI extended loans to the music of Rs 215 crore, Punjab National Bank Rs 115 crore, Union Bank of India Rs 50 crore, Syndicate Bank Rs 50 crore, Bank of India Rs 45 crore, IDBI Bank Rs 45 crore, UCO Bank Rs 40 crore Tamilnad Mercantile Bank Rs 37 crore, Andhra Bank Rs 30 crore, Bank of Baroda Rs 30 crore, HDFC Bank Rs 25 crore, ICICI Bank Rs 25 crore, Central Bank of India Rs 20 crore and Corporation Bank Rs 20 crore.
(With PTI inputs)
The agency had registered a case of alleged mortgage fraud on Wednesday after a complaint from the State Bank of India (SBI) on behalf of the 14-bank consortium.
Apart from Bhoopesh and Neeta Jain, the CBI earlier booked Tejraj Achha, Ajay Kumar Jain and Sumit Kedia and some (unidentified) public servants.
The CBI carried out searches at the authentic and residential premises of promoters of Kanishk Gold as it introduced probe within the Rs 824-crore mortgage fraud case, the officials said.
The company engaged in production gold jewelry which was marketed underneath the brand name 'Krizz' which have been bought through distributors till 2014. But in 2015 it changed its enterprise style to B2B (business-to-business) and began supplying to huge retail jewellers, the SBI said within the complaint to the CBI.
The mortgage accounts of the corporate have been taken over by means of the SBI from the ICICI in 2008, while its banking arrangement was converted right into a a couple of banking gadget in March 2011, it said.
The SBI alleged that the "fraud" is to the music of Rs 824.15 crore, however the security available with it to cover the "loss" is handiest around Rs 156.65 crore.
In 2012, the consortium with SBI as lead financial institution, sanctioned granting of steel gold mortgage (MGL) to Kanishk. "Using this option, Kanishk would purchase gold in the form of bullions from nominated banks in the consortium or from the open market using credit under MGL or from its current account," said SBI.
SBI extended loans to the music of Rs 215 crore, Punjab National Bank Rs 115 crore, Union Bank of India Rs 50 crore, Syndicate Bank Rs 50 crore, Bank of India Rs 45 crore, IDBI Bank Rs 45 crore, UCO Bank Rs 40 crore Tamilnad Mercantile Bank Rs 37 crore, Andhra Bank Rs 30 crore, Bank of Baroda Rs 30 crore, HDFC Bank Rs 25 crore, ICICI Bank Rs 25 crore, Central Bank of India Rs 20 crore and Corporation Bank Rs 20 crore.
(With PTI inputs)
CBI quizzes directors of Kanishk Gold in Rs 824 crore loan default case
![CBI quizzes directors of Kanishk Gold in Rs 824 crore loan default case]()
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March 22, 2018
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