ED initiated investigations on the basis of 3 FIRs registered by CBI that the Companies and its directors/ promoters were involved in the offences of Criminal Conspiracy, Cheating, Forgery and Criminal Misconduct, and had intentionally defaulted on their loans and borrowings from State Bank of India, thus causing wrongful loss to the tune of Rs352.49 Crore (plus interest thereon) to the State Bank of India
FinTech BizNews Service
Mumbai, February 16, 2025: Directorate of Enforcement (ED), Nagpur Sub-Zonal Office has provisionally attached multiple immovable properties located at Jalgaon and Nashik districts of Maharashtra valued at Rs. 1.69 Crore (approx.) in a bank fraud case of M/s Rajmal Lakhichand Jewelers Private Limited & others under the provisions of Prevention of Money Laundering Act (PMLA), 2002 on 12.02.2025. The said immovable properties were acquired by the promoters of M/s Rajmal Lakhichand Jewelers Private Limited & others in the names of various benami holders, as per the press release issued by the ED.
ED initiated investigations on the basis of 3 FIRs registered by CBI under the various sections of IPC, 1860 that the Companies and its directors/ promoters were involved in the offences of Criminal Conspiracy, Cheating, Forgery and Criminal Misconduct, and had intentionally defaulted on their loans and borrowings from State Bank of India, thus causing wrongful loss to the tune of Rs. 352.49 Crore (plus interest thereon) to the State Bank of India. ED investigation revealed that the promoters had submitted fake financials to avail such loans.
Promoters had also engaged in round-tripping of transactions to inflate the financials and booking bogus sale purchase transactions in the books of accounts of the accused Companies to siphon off the loan proceeds for investments in real estate properties, in collusion with the auditors of the Companies. Promoters were also found to have fraudulently alienated and sold off parts of the mortgaged properties against these loans without the bank’s consent. They also engaged in the destruction of incriminating data concerning the accused Companies to prevent any scrutiny of the utilization of the loan proceeds. Earlier in this case ED had conducted search operations under the provisions of PMLA, 2002 on 17.08.2023 at 13 official and residential premises of Rajmal Lakhichand group and others.
During the search operations, gold, silver and diamond jewellery/ bullion of value Rs.24.36 Crore and Indian currency Rs. 1.121 Crore in cash along with various incriminating documents were seized. Search and post-search investigative findings have revealed fictitious stock/ missing stock inventories of bullion and gold jewellery in books, use of shell companies, employment of dummy directors etc. Further, ED has provisionally attached movable and immovable assets valued at Rs. 315.60 Crore under the PMLA, 2002 on 13.10.2023 and the said attachment was confirmed by Hon’ble Adjudicating Authority under PMLA, New Delhi vide order dated 19.01.2024. ED has also filed a Prosecution Complaint (PC) on 26.06.2024 before the Hon’ble Special Court (PMLA), Nagpur and the Hon’ble Court has taken cognizance of the PC on 26.07.2024. Further investigation is under progress.
