NEW DELHI/CHENNAI: The ED said today it has attached Rs 48 crore worth of assets of a Chennai-based gold jewellery firm in connection with a bank loan money laundering probe.
It said the company, 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 SBI first sent a compliant to the CBI in this matter.
The central probe agency in Chennai issued a provisional order for attachment of the firm’s factory land and machinery at Pukkathurai village in Kancheepuram district of Tamil Nadu under the Prevention of Money Laundering Act (PMLA).
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.
“It was alleged that huge bank loans were obtained (by the firm) from a consortium of 14 banks with SBI as the lead bank for business purposes.
“Credit facilities are secured by the securities such as raw materials, semi finished goods, finished goods, stores and spares showing huge stocks. (AGENCIES)
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