The Enforcement Directorate on Thursday said it has attached fixed deposits (FDs) worth over Rs 143 crore in connection with a bank loan money laundering probe against a Chennai-based gold jewellery firm.
The Kanishk Gold Pvt Ltd sold jewellery in the brand name of ‘Krizz’ and is accused of defaulting on a bank loan of Rs 824 crore. The agency said it attached the Rs 143.58-crore FDs after a similar attachment of assets (plant and machinery) worth Rs 48 crore was made against the firm two days back.
The ED office in Chennai issued a provisional order for attachment of the FDs under the Prevention of Money Laundering Act (PMLA). The agency said it found that an amount of Rs 300 crore was sent by the firm to a jeweller’s account and there was allegedly “no evidence” of receipt of gold sale in lieu of the said payment.
The Enforcement Directorate registered a PMLA case against the company and its executives after taking cognisance of a CBI First Information Report (FIR) registered last month.
The Enforcement Directorate said a forensic audit report of the firm showed “there are misrepresentation/falsification of records, diversion of funds and disposal of the stocks by the company.” “The total loss caused to the banks due to the above fraud works out to the tune of Rs 824 crore which is outstanding as on December 2017,” it said.
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