ED charges ex-MP Ishwarlal Jain and his son in bank fraud case
By MYBRANDBOOK
A prosecution complaint has been filed by the Enforcement Directorate (ED) against three jewellery firms and their promoters, including former Member of Parliament (MP) Ishwarlal Jain and his son, former Member of the Legislative Council (MLC) Manish Jain. On July 26, the complaint was filed regarding a multi-crore bank fraud case involving the State Bank of India (SBI).
The investigation by ED exposed that the accused jewellery firms, Rajmal Lakhichand Jewelers, R L Gold and Manraj Jewelers, and their promoters/directors Ishwarlal Jain and Manish Jain, along with other associates, were involved in criminal conspiracy, cheating, forgery, and criminal misconduct. They are accused of defrauding the bank to the tune of Rs 352.49 crore by submitting fake financials to obtain loans, engaging in round-tripping of transactions, and booking bogus sale-purchase transactions to inflate their financial statements.
Based on three FIRs registered by the Central Bureau of Investigation (CBI), ED started the investigation. The promoters in association with the auditors of the company had siphoned off the loan proceeds to invest in real estate. They were also found to have sold parts of the mortgaged properties without the bank’s consent and destroyed incriminating data to prevent scrutiny of their financial dealings.
The ED conducted search operations at 13 official and residential premises of the Rajmal Lakhichand group in Jalgaon, Nashik, and Thane in Maharashtra, seizing gold, silver, and diamond jewellery worth Rs 24.36 crore, and cash amounting to Rs 1.121 crore along with various incriminating documents. Investigative findings revealed fictitious stock entries, use of shell companies, and employment of dummy directors.
The central probe agency provisionally attached movable and immovable assets valued at Rs 315.60 crore in October last year. The attached assets include benami properties acquired by the Jains.
The ED has now taken cognizance of the prosecution complaint, and the case will proceed in a special court in Nagpur under the Prevention of Money Laundering Act.
Microsoft set to unveil Xbox handheld console, new Xbox series
Insiders suggest the device will feature a hybrid system, combining Xbox OS...
Market Selloff Deepens as Recession Fears Grip Wall Street
Wall Street suffered a sharp decline as escalating trade tensions and reces...
Western Digital Exits SSD and NAND Business to Prioritize HDD
SanDisk, which has long been responsible for Western Digital’s SSD segmen...
ServiceNow to strengthen its AI portfolio with Moveworks acqui
This acquisition boosts ServiceNow’s AI capabilities, reinforcing its str...
Icons Of India : Deepak Sharma
Deepak Sharma spearheads Schneider Electric India. He brings with him ...
ICONS OF INDIA : SRIDHAR VEMBU
Sridhar Vembu is the chief executive officer (CEO) of Zoho Corporation...
ICONS OF INDIA : SANJAY NAYAR
Sanjay Nayar is a senior finance professional in the Indian private in...
NSE - National Stock Exchange
NSE is the leading stock exchange in India....
TCIL - Telecommunications Consultants India Limited
TCIL is a government-owned engineering and consultancy company...
ECIL - Electronics Corporation of India Limited
ECIL is distinguished by its diverse technological capabilities and it...
Indian Tech Talent Excelling The Tech World - George Kurian, CEO, Netapp
George Kurian, the CEO of global data storage and management services ...
Indian Tech Talent Excelling The Tech World - Rajiv Ramaswami, President & CEO, Nutanix Technologies
Rajiv Ramaswami, President and CEO of Nutanix, brings over 30 years of...
Indian Tech Talent Excelling The Tech World - Dheeraj Pandey, CEO, DevRev
Dheeraj Pandey, Co-founder and CEO at DevRev , has a remarkable journe...