Chennai: In yet another extortion played on banks, a Chennai-based jeweller Kanishk Gold Pvt Ltd (KGPL) has been blamed for duping a consortium of 14 banks drove by the State Bank of India (SBI) to the tune of Rs 824.15 crore as advances that have now been announced as non-performing resource (NPA).
It is caught that the Directors of the KGPL, Bhoopesh Kumar Jain, and his wife Neeta Jain may have fled the nation.
Not at all like the trick including diamond merchant Nirav Modi and Mehul Choksi of the Gitanjali Group worth Rs 13,540 crore, in which Letters of Undertaking (LoUs) were utilized, the KGPL professedly depended on adulterating records and money related proclamations to get credits from the banks over a 10 year time frame starting 2008.
Taking insight of SBI grievance in January this year, the Central Bureau of Investigation (CBI) on Wednesday recorded a FIR against the KGPL, its executives, its examiners Tejraj Achha, Ajay Kumar Jain, Sumit Kedia and other obscure people.
The organization directed hunts at KGPL’s office and official and private introduce of other charged people at different places in Chennai.
“A case has been registered in the bank fraud. The accused persons have been contacted and asked to join investigation,” said CBI spokesperson Abhishek Dayal.
The SBI, which finish the rundown with Rs 240 crore of advances, is trailed by Punjab National Bank (PNB) (Rs 128 crore), Bank of India (Rs 46 crore), IDBI (Rs 49 crore), Syndicate Bank (Rs 54 crore), Union Bank (Rs 53 crore), Uco Bank (Rs 45 crore), Central Bank (Rs 22 crore), Corporation Bank (Rs 23 crore), Bank of Baroda (Rs 32 crore), Tamil Nadu Mercantile Bank (Rs 27 crore), HDFC (Rs 27 crore), ICICI Bank (Rs 27 crore) and Andhra Bank (Rs 32 crore).
In its grievance, the SBI refered to a scientific review led into the records of the organization and found that the KGPL and its chiefs in conspiracy with the statuatory evaluators had been distorting and adulterating records with an unmistakable criminal and malafide aim to cheat and swindle the banks.
The KGPL was blamed for demonstrating a ruddy picture since 2009 to avail credit offices from the bank and along these lines carried out criminal break of trust and bamboozled the loan specialists.
“The facts and circumstances and the admission by the Managing Director of the company also confirms the removal of the stocks secured to the lenders without the knowledge of the lenders and thereby committed criminal misappropriation of secured assets and cheated the lenders.
“It is also revealed that the KGPL and its Directors have diverted the funds detrimental to the rights and interests of the banks. The account has been classified as the NPA as per the extant guidelines of the Reserve Bank of India (RBI) by all the lenders of the consortium,” said the complaint by G.D. Chandrasekhar, General Manager, SBI Mid Corporate Regional Office, Chennai.
The measurable review uncovered that the statutory evaluators and stock inspectors had neglected to record the lacks in the budgetary records and resource registers of the organization which have unfavorably influenced the banks premiums.
The scientific review likewise uncovered different errors as finished valuation of the stocks and wrong amount of stock in the stock valuation workings records kept up by the organization. The organization had not kept up appropriate records for the development of products in addition to other things.
The aggregate misfortune to the banks because of the misrepresentation is to the tune of Rs 824.15 crore (extraordinary as on 12 December, 2017) or more accumulated enthusiasm from January this year. The security accessible with the bank to cover the misfortune is to the tune of around Rs 158.65 crore being the feasible estimation of the steady properties, plant and hardware charged to the moneylenders.
The SBI protest said in the joint banks discussion meeting on 8 November a year ago it was chosen to continue with the recording of grievance with the CBI subsequent to proclaiming the advance record as extortion.
The objection said indication of infection was seen in the organization deferred adjusting enthusiasm for March 2017 in regard of eight individuals banks.
Further, the grievance stated, premium was not paid for all the part banks for April 2017. The promoter was inaccessible for development. At the point when the stock review was started in April 2017 for the procedure quarter, the KGPL did not encourage stocks and receivables review process.
Along these lines, in May a year ago, consortium individuals went to the corporate office, industrial facility and showrooms and found that there was no action.
Around the same time, Bhoopesh Kumar Jain gave a letter conceding distortion of records since 2009 and expulsion of the stocks secured to the loan specialists.
Joint review was again led and it was watched that there was no action and no stock in the production line. The showrooms at alternate focuses were additionally discovered bolted amid visits by consortium individuals.