INSUBCONTINENT EXCLUSIVE:
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
Rs 138 crore belonging to Kanishk Gold and its managing director Jain.On April 24, the ED it has frozen Rs 48 crore worth of properties
belonging to Kanishk Gold Pvt Ltd under 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 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.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.(This story has not been edited by TheIndianSubcontinent staff and is auto-generated from a syndicated feed.)
