Chennai: The Enforcement Directorate (ED) on Thursday said it has attached immovable properties, worth Rs 138 crore, belonging to Kanishk Gold Pvt Ltd and its Managing Director Bhoopesh Kumar Jain under the Prevention of Money Laundering Act (PMLA).
In a statement issued Chennai, ED said the 14 immovable properties worth about Rs 138 crore belonging to Kanishk Gold and its Managing Director Jain.
On 24 April, the ED had frozen Rs 48 crore worth of properties belonging to Kanishk Gold Pvt Ltd under PMLA.
According to ED, a Provisional Attachment Order was issued 24 April, attaching properties to the tune of Rs 143.58 crore, which were identified as proceeds of crime committed by Jain along with others, as the same are involved in money laundering.
The jewellery company is alleged to have indulged in offences of forgery, cheating and criminal conspiracy against 14 member banking consortium led by State Bank of India (SBI).
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.
Source : https://www.firstpost.com/business/kanishk-gold-fraud-enforcement-directorate-attaches-rs-138-cr-assets-of-chennai-firm-its-md-in-money-laundering-case-4514211.html