HYDERABAD: The Bank Securities and Fraud Cell (BS&FC) wing of Central Bureau of Investigation (CBI), investigating the Musaddilal Jewellery Exports Private Limited’s fraud case, is likely to conduct valuation of properties of Musaddilal that he gave as collateral to the Indian Overseas Bank (IOB) for getting loan of Rs 75 crore.
The CBI registered criminal cases on Musaddilal Jewellery Exports Private Limited, it’s MD Mohan Lal Gupta and his son Prasant Gupta. The bank on noticing suspicious financial transactions inspected their godown having gold, diamond stocks that were pledged with the bank, and found that there was no stock of the same.
The collateral pledged with the bank include shops located at 103, 104 Elite Plaza, Punjagutta, valued `3.5 crore; land and building at Charkama, Charminar; open land in Sy No 144, 146, 147 of 3.15 acres at Kandlakoya village, Medchal mandal etc. The total collateral security value is `27.90 crore.