Action taken as no evidence of receipt of gold on payment of Rs 300 cr to jeweller’s a/c
ED has freezed Rs 48 crore worth Kanishk Gold’s manufacturing unit at Pukkathurai village in Maduranthagam taluk in Kancheepuram district on Tuesday.
ED has registered a case against Kanishk Gold Pvt Ltd after the firm allegedly committed a loan fraud of Rs 824.15 crore on a consortium of banks led by State Bank of India.
Following reports about a fresh Rs 824 crore loan fraud, shares of State Bank of India (SBI) hit a 52-week low at Rs 240.65 on NSE.
According to the CBI case, the Chennai-based Kanishk Gold Pvt Ltd had defrauded the SBI-led consortium of 14 banks of Rs 824.15 crore.
The amount was availed in the form of loans like working capital facility and term loan limits for 10-year period beginning 2008 and the same was declared as NPA in November last year.
The CBI officials said they have received the complaint and were in touch with the bank because of certain loopholes in the complaint which were to be rectified by the bank.
Kanishk Gold Pvt Ltd allegedly resorted to falsifying records and financial statements to get loans from the banks over a 10 year period beginning 2008.