Chennai: Officials of the CBI sleuths on Thursday arrested Kanishk Gold Private Limited (KGPL) Promoter and Director Bhoopesh Kumar Jain, for allegedly cheating banks to the tune of Rs 824.15 crore. His wife Neeta Jain too was being questioned, sources said.
The CBI has registered cases against KGPL, Bhoopesh, Neeta, KGBL partners Tejraj Achha ( Partner of Achha Associates) , Ajay Kumar Jain (Partner of M/s Ajay and Company) and Sumit Kedia (Partner of M/s AK Lunawath and Associates) and unknown public servants unknown others on a complaint from State Bank of India (SBI) on behalf of a consortium of 14 banks, on the allegations of cheating the consortium to the extent of Rs.824.15 crore.
It was alleged that the Chennai based private company was in the business of manufacturing gold jewellery, which was marketed under a brand name, and used to sell its jewelery to various retail jewellers.
The company was getting credit facilities from 14 banks led by SBI. The nature of the limit was Working Capital facility sanctioned to the tune of Rs.747 crore.
This apart, the company had also availed certain Term Loan limits from SBI. It was also alleged that there was falsification of records and the removal of the stocks which was secured to the lenders and there were anomalies in the financial statements like in the quantity of stock carried forward to the next year, anomaly in the sales register, diversion of funds and unusual transactions with the related parties.
CBI conducted searches at the residences and offices of KGBL, its promoters and other accused since last evening and arrested Bhoopesh.
Meanwhile, the SBI officials also pasted a notice to auction the house of Bhoopesh in the Kothari Road at Nungambakkam in the city. The process will start soon, sources said. CBI sources said the investigation was continuing.