Following the Nirav Modi’s PNB scam and Rotomac owner Vikram Kothari’s default, it seems another fraud has emerged and this it is in Chennai.
A consortium of 14 banks, led by the country’s largest lender State Bank of India registered a complaint with the CBI alleging that the city-based Kanishk Gold private limited has defaulted Rs 824 crore after obtaining loans.
The lastest report claims that CBI is yet to file a chargesheet against the Chairman and Managing Director of Kanishk Gold, Bhupesh Jain. Probe has begun and action would be soon initiated.
A 16-page complaint copy was sent by the SBI nodal office in New Delhi to the CBI claiming that the retailer had cheated nearly Rs 824 crore, after availing multiple borrowings from various commercial banks, including the SBI.
The some of the 14 banks include unjab National Bank, Bank of India, Central Bank of India, Corporation Bank and Bank of Baroda that gaves Kanishk to take loans.
Reports claim that Kanishk took a loan amounting to Rs 175 crore from the SBI branch, which is located in Rajaji Salai in Chennai. The Kanishk showed fudged annual reports and escalating stocks of valuables. The borrower availed loans from the bank .
According to reports, Kanishk Gold had set up its first B2B outlet in Chennai. The firm had divulged that it possessed the capacity to manufacture 3.5 tonnes of jewellery.
The company, which set up its manufacturing facility at Chengalpattu in 2010, had been supplying jewellery to many leading retailers in all major cities.
Kanishk’s retail outlet in the city remained closed.