On April 24, the ED it has frozen Rs 48 crore worth of properties belonging to Kanishk Gold Pvt Ltd under PMLA.
According to ED, a Provisional Attachment Order was issued April 24, attaching properties to the tune of Rs 143.58 crore, which were identified as proceeds of crime committed by Jain along with others, as the same are involved in money laundering.
The jewellery company is alleged to have indulged in offences of forgery, cheating and criminal conspiracy against 14 member banking consortium led by State Bank of India (SBI).
The SBI has loged a complaint with the Central Bureau of Investigation and an FIR has been lodged.
It is alleged that Kanishk Gold secured credit facilities from banks after providing fudged stock statements with the help of chartered accountants.
The total loss caused to the banks due to the above fraud works out to the tune of Rs 824 crore, outstanding as on December 31, 2017, the ED said.
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