ED attaches Kanishk Gold’s properties worth Rs 138 crore

The ED has attached 14 immovable properties, including pieces of land in Kancheepuram and Tiruvallur districts registered in Jains’s name and in the name of the company, beside offices and showrooms in the city, including the second floor space of Khazana Plaza on Cathedral Road and office space on Chamier’s Road.

Kanishk Gold has been under the scanner since March after the SBI, leading a consortium of 14 banks, charged the company of cheating them to the tune of Rs 824.15 crore.

In the recent past, the ED had attached properties of the firm worth Rs 143 crore and had also frozen properties worth Rs 48 crore. This is the third time ED is attaching or freezing the properties of the gold retailer.

According to a statement from the ED, Bhoopesh Kumar Jain had unduly enjoyed bank borrowings in the form of working capital credit facilities to the tune of several crores from the consortium of banks for his company Kanishk Gold from 2009. The firm had its manufacturing facility in Maduranthagam in Kancheepuram and Gold jewellery for the brand, ‘Krizz’, was being manufactured by them.

Jain is charged of committing the alleged offences of forgery, cheating and criminal conspiracy, and an FIR was registered by CBI, Bangalore against him, his company and others. After CBI registered the case, ED had also started the probe under PMLA.