In yet another bank fraud, a Chennai-based jeweller Kanishk Gold Pvt Ltd (KGPL) has now been accused of defrauding a consortium of 14 banks led by the State Bank of India (SBI) to the tune of Rs 824.15 crore in the form of loans that have now been declared as non-performing asset (NPA). The CBI on Wednesday lodged a case against the jeweller and searched the official and residential premises of the promoters of Kanishk Gold Pvt Ltd on a complaint filed by the SBI.
In its complaint, the SBI accused Kanishk Gold Pvt Ltd and its directors of diverting the funds detrimental to the rights and interests of the bank. It requested the probe agency to register a case against Kanishk Gold Pvt Ltd, its promoter-director Bhoopesh Kumar Jain and others.
The bank has alleged that the company had “misrepresented and falsified” the records and financial statements of the company to show a “rosy picture” since 2009 to avail credit facilities from it. It said that while the “fraud” was to the tune of Rs 824.15 crore, security available with the SBI (to cover the “loss”) was only around Rs 156.65 crore.
CBI officials confirmed that they have received a complaint and said they were in touch with the SBI as there were certain loopholes in the complaint, which were to be rectified by the bank.