CHENNAI: The Directorate of Enforcement (ED), Chennai, on Friday arrested Chennai jeweller and Kanishk Gold Private Ltd (KGPL) managing director Bhoopesh Kumar Jain below the Prevention of Money Laundering Act.
The ED has been investigating the company in connection with a conspiracy to defraud a consortium of banks of Rs 824 crore.
“Jain would possibly definitely attempt to tamper with proof and records to control the information in favour of his case,” the ED said in a remark. “...He has neither cooperated with the investigation nor has he printed any true or factual knowledge to this point.”
Jain is in prison, the remark said.
The ED registered a case after a grievance to the CBI by means of a general supervisor of State Bank of India (SBI), charging KGPL with forgery, cheating and felony conspiracy. The company acquired massive loans from an SBI-led consortium of 14 banks. KGPL secured the credit score towards shares, however the ED later discovered that the company had used chartered accountants to fudge the paperwork. The financial institution conducted inspections of the company’s workplaces in May 2017, and found that its operations had come to a standstill. There was no trace of the shares towards which the corporate had acquired loans.
The ED had frozen land, buildings, plants and machinery of a KGPL unit in Kancheepuram district, which it valued at Rs 48 crore, in April. The transfer adopted investigations by means of ED after the CBI registered a case towards the corporate on March 21.
The CBI in March conducted searches of KGPL workplaces and Jain’s residential properties. On March 22, the agency puzzled Jain and his spouse Neeta in Bengaluru.
The ED has connected properties of Jain value Rs 143.58 crore, which it known as proceeds of crime.
KGPL manufactured and marketed gold jewellery below the logo title ‘Krizz’.
The ED has been investigating the company in connection with a conspiracy to defraud a consortium of banks of Rs 824 crore.
“Jain would possibly definitely attempt to tamper with proof and records to control the information in favour of his case,” the ED said in a remark. “...He has neither cooperated with the investigation nor has he printed any true or factual knowledge to this point.”
Jain is in prison, the remark said.
The ED registered a case after a grievance to the CBI by means of a general supervisor of State Bank of India (SBI), charging KGPL with forgery, cheating and felony conspiracy. The company acquired massive loans from an SBI-led consortium of 14 banks. KGPL secured the credit score towards shares, however the ED later discovered that the company had used chartered accountants to fudge the paperwork. The financial institution conducted inspections of the company’s workplaces in May 2017, and found that its operations had come to a standstill. There was no trace of the shares towards which the corporate had acquired loans.
The ED had frozen land, buildings, plants and machinery of a KGPL unit in Kancheepuram district, which it valued at Rs 48 crore, in April. The transfer adopted investigations by means of ED after the CBI registered a case towards the corporate on March 21.
The CBI in March conducted searches of KGPL workplaces and Jain’s residential properties. On March 22, the agency puzzled Jain and his spouse Neeta in Bengaluru.
The ED has connected properties of Jain value Rs 143.58 crore, which it known as proceeds of crime.
KGPL manufactured and marketed gold jewellery below the logo title ‘Krizz’.
ED nabs Kanishk Gold’s Jain in Rs 824 cr fraud
![ED nabs Kanishk Gold’s Jain in Rs 824 cr fraud]()
Reviewed by Kailash
on
May 26, 2018
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