CHENNAI : The CBI on Thursday wondered Chennai jeweller Bhoopesh Kumar Jain and his spouse Neeta in Bengaluru after they voluntarily offered themselves to investigators in connection with a conspiracy to defraud a consortium of banks of ?824 crore.
The construction adopted searches through the company on Wednesday of the workplaces and residential houses of Jain’s Kanishk Gold Pvt Ltd (KGPL) on a grievance through State Bank of India.
CBI officials wondered the couple one at a time between 11am and 5pm and recorded their statements. Investigating officials allowed Jain and his spouse to depart after the questioning, but requested them to not go away Bengaluru without informing the company.
“We have requested them to not go away town without informing us,” an officer said. “They will also have to cooperate with investigating officials each time required.”
“A couple of other directors and chartered accountants named in our first information report (FIR) also gave the impression before investigators in Bengaluru. We wondered them too,” the officer said.
Jain cooked books over 10-yr duration, say investigators
The officer declined to call the folks. The CBI has issued look out circulars (LOCs) to all airports in the nation for suspects named in the FIR, he said. The CBI said plainclothes policemen would keep the couple beneath surveillance.
SBI filed the grievance towards the KGPL promoter-director and his spouse, also a director in the company, inside a month of the revelation that the CBI was probing a Rs 12,000 crore fraud through Mumbai jeweller Nirav Modi, the largest swindle in Indian banking historical past. SBI’s grievance said an audit of the Kanishk account books had revealed obtrusive discrepancies. It said the company had, through the end of 2017, cheated the consortium of lenders of Rs 824.15 crore.
Jain, now in his mid-forties, used 3 companies — The Art, Krizz and KGPL — to cheat banks, the officer said. He stopped paying instalments on the loans in March 2017. Punjab National Bank was, after SBI, the second largest loser in the rip-off.
An investigating officer said Jain had performed the fraud over a duration of 10 years. During that point, with the assistance of chartered accountants and unnamed govt workers, Jain massively inflated his firms’ incomes, earnings and asset projections to appear to public sector bankers as a extremely loanworthy particular person, said adocument through the investigators.
“His trade turnover seemed to rise tenfold — from Rs 180 crore to Rs 1,780 crore between 2008-09 and 2015-16 — and made him eligible for Rs 1,050 crore in loans from a gaggle of banks led through SBI,” the record said. “To download loans, Jain supplied lenders with credit tracking arrangement (CMA) information based on fudged performance figures,” the investigating officer said.
Jain estimated his corporate’s assets to be value Rs 24 crore on March 31, 2008; this determine went the entire way as much as Rs 980.08 crore on March 31, 2016, it said. The said gross sales of Kanishk Gold rose from Rs 180.35 crore in 2008-2009 to Rs 1,780.87 crore in 2015-2016.
The CBI on Wednesday carried out raids on KGPL workplaces, the company’s manufacturing unit in Pukkathurai village in Kancheepuram district, and residential houses in Nungambakkam and portions of Chennai. The officer said chartered accountants Tejraj Achha, a spouse in Achha Associates, had filed KGPL tax returns between fiscals 2008-09 and 2012-2013; Ajay Kumar Jain, a spouse in Ajay & Co, filed its returns from 2013-2014 to 2014-2015, and Sumit Kedia, a spouse of A Ok Lunawath & Associates, filed its returns in 2015-2016.
Investigators said KGPL sold its products to retailers and likewise equipped large retailers corresponding to Joyalukkas, GRT Jewellers, Lalitha Jewellery, Malabar Jewellery, Prince Jewellery and Saravana Jewellery. The CBI is prone to attach houses that Jain submitted to banks as collateral — together with high residential and commercial real estate in Chennai, huge tracts of land in Kanchipuram district abutting town and an condominium in Mazgaon in Mumbai — before selling them to repay Jain’s collectors, the investigators said.
The construction adopted searches through the company on Wednesday of the workplaces and residential houses of Jain’s Kanishk Gold Pvt Ltd (KGPL) on a grievance through State Bank of India.
CBI officials wondered the couple one at a time between 11am and 5pm and recorded their statements. Investigating officials allowed Jain and his spouse to depart after the questioning, but requested them to not go away Bengaluru without informing the company.
“We have requested them to not go away town without informing us,” an officer said. “They will also have to cooperate with investigating officials each time required.”
“A couple of other directors and chartered accountants named in our first information report (FIR) also gave the impression before investigators in Bengaluru. We wondered them too,” the officer said.
Jain cooked books over 10-yr duration, say investigators
The officer declined to call the folks. The CBI has issued look out circulars (LOCs) to all airports in the nation for suspects named in the FIR, he said. The CBI said plainclothes policemen would keep the couple beneath surveillance.
SBI filed the grievance towards the KGPL promoter-director and his spouse, also a director in the company, inside a month of the revelation that the CBI was probing a Rs 12,000 crore fraud through Mumbai jeweller Nirav Modi, the largest swindle in Indian banking historical past. SBI’s grievance said an audit of the Kanishk account books had revealed obtrusive discrepancies. It said the company had, through the end of 2017, cheated the consortium of lenders of Rs 824.15 crore.
Jain, now in his mid-forties, used 3 companies — The Art, Krizz and KGPL — to cheat banks, the officer said. He stopped paying instalments on the loans in March 2017. Punjab National Bank was, after SBI, the second largest loser in the rip-off.
An investigating officer said Jain had performed the fraud over a duration of 10 years. During that point, with the assistance of chartered accountants and unnamed govt workers, Jain massively inflated his firms’ incomes, earnings and asset projections to appear to public sector bankers as a extremely loanworthy particular person, said adocument through the investigators.
“His trade turnover seemed to rise tenfold — from Rs 180 crore to Rs 1,780 crore between 2008-09 and 2015-16 — and made him eligible for Rs 1,050 crore in loans from a gaggle of banks led through SBI,” the record said. “To download loans, Jain supplied lenders with credit tracking arrangement (CMA) information based on fudged performance figures,” the investigating officer said.
Jain estimated his corporate’s assets to be value Rs 24 crore on March 31, 2008; this determine went the entire way as much as Rs 980.08 crore on March 31, 2016, it said. The said gross sales of Kanishk Gold rose from Rs 180.35 crore in 2008-2009 to Rs 1,780.87 crore in 2015-2016.
The CBI on Wednesday carried out raids on KGPL workplaces, the company’s manufacturing unit in Pukkathurai village in Kancheepuram district, and residential houses in Nungambakkam and portions of Chennai. The officer said chartered accountants Tejraj Achha, a spouse in Achha Associates, had filed KGPL tax returns between fiscals 2008-09 and 2012-2013; Ajay Kumar Jain, a spouse in Ajay & Co, filed its returns from 2013-2014 to 2014-2015, and Sumit Kedia, a spouse of A Ok Lunawath & Associates, filed its returns in 2015-2016.
Investigators said KGPL sold its products to retailers and likewise equipped large retailers corresponding to Joyalukkas, GRT Jewellers, Lalitha Jewellery, Malabar Jewellery, Prince Jewellery and Saravana Jewellery. The CBI is prone to attach houses that Jain submitted to banks as collateral — together with high residential and commercial real estate in Chennai, huge tracts of land in Kanchipuram district abutting town and an condominium in Mazgaon in Mumbai — before selling them to repay Jain’s collectors, the investigators said.
Rs 824 crore fraud: CBI quizzes jeweller
![Rs 824 crore fraud: CBI quizzes jeweller]()
Reviewed by Kailash
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March 23, 2018
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