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.
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