• Rajasthan

    Cong 98
    BJP 74
    RLM 3
    OTH 24
  • Madhya Pradesh

    Cong 111
    BJP 111
    BSP 2
    OTH 6
  • Chhattisgarh

    Cong 67
    BJP 17
    JCC 6
    OTH 0
  • Telangana

    TRS-AIMIM 95
    TDP-Cong 21
    BJP 1
    OTH 2
  • Mizoram

    MNF 26
    Cong 5
    BJP 1
    OTH 8

* Total Tally Reflects Leads + Wins

CBI issues look out circular against Kanishk Gold promoters

By: | Published: March 22, 2018 10:52 PM

The agency has booked the company -- Kanishk Gold Pvt Ltd, its promoter Director Bhoopesh Kumar Jain, Director Neeta Jain, Tejraj Achha, Ajay Kumar Jain and Sumit Kedia besides unidentified public servants.

CBI, kanishk gold, kanishk loan fraud, kanishk loan defaulter, SBIThe CBI today issued a look out circular against promoters and directors of Kanishk Gold Pvt Ltd, accused in an alleged loan fraud of Rs 824 crore, to prevent them from leaving the country, officials said today. (Website)

The CBI today issued a look out circular against promoters and directors of Kanishk Gold Pvt Ltd, accused in an alleged loan fraud of Rs 824 crore, to prevent them from leaving the country, officials said today. They said the agency also questioned Bhoopesh Jain and Neeta Jain, the directors of the company, in connection with the fraud at the agency’s office in Bengaluru. The CBI has registered a case of an alleged loan fraud of Rs 824.15 crore on a consortium of 14 banks led by the State Bank of India and carried out searches on Wednesday, officials said.

The agency has booked the company — Kanishk Gold Pvt Ltd, its promoter Director Bhoopesh Kumar Jain, Director Neeta Jain, Tejraj Achha, Ajay Kumar Jain and Sumit Kedia besides unidentified public servants. The CBI carried out searches at the official and residential premises of the promoters of Kanishk Gold Pvt Ltd yesterday as it launched a probe in the loan fraud case, the officials said. The company engaged in manufacturing gold jewellery which was marketed under the brand name ‘Krizz’ which were sold through distributors till 2014.

But in 2015 it changed its business model to B2B (business-to-business) and started supplying to large retail jewellers, the SBI said in a complaint to the CBI. The loan accounts of the company were taken over by the SBI from the ICICI in 2008, while its banking arrangement was converted into a multiple banking system in March 2011, it said. The SBI alleged that the “fraud” is to the tune of Rs 824.15 crore, but the security available with it to cover the “loss” is only around Rs 156.65 crore.

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