Maharashtra: ED Seizes Multiple Properties in Jalgaon and Nashik Worth ₹1.69 Crore
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Synopsis
The Enforcement Directorate has provisionally seized properties valued at ₹1.69 crore in Jalgaon and Nashik, Maharashtra, linked to alleged bank fraud by Rajmal Lakhichand Jewelers. The investigation continues into the fraudulent activities of the jewelry firms, which have caused significant financial losses.
Key Takeaways
- ED seized properties worth ₹1.69 crore.
- Linked to Rajmal Lakhichand Jewelers' fraud.
- Allegations include defaulting on bank loans.
- Investigation based on CBI FIRs.
- Involves illegal sale of mortgaged assets.
Mumbai, Feb 15 (NationPress) The Enforcement Directorate (ED) on Saturday provisionally seized various immovable assets, estimated at ₹1.69 crore, in the Jalgaon and Nashik districts of Maharashtra. This action by the ED is part of a broader effort to target illegal properties linked to alleged bank fraud involving Rajmal Lakhichand Jewelers Private Limited and other jewelry enterprises based in Jalgaon.
The assets in question were reportedly acquired by the promoters of Rajmal Lakhichand Jewelers and associated parties through various benami entities.
Last year, the investigation agency filed a chargesheet against three jewelry firms and their leaders in relation to a significant bank fraud case. The promoters and directors of the company faced allegations of defaulting on bank loans, leading to severe financial losses.
The Central agency initiated its investigation based on three FIRs filed by the CBI, which accused the jewelers of criminal conspiracy, cheating, forgery, and criminal misconduct.
According to the agency’s findings, the jewelers deliberately defaulted on loans from the State Bank of India, resulting in a wrongful loss of approximately ₹352.49 crore (plus accrued interest).
The ED also uncovered incriminating documents revealing that the jewelry companies utilized fraudulent financial statements to secure loans. They engaged in round-tripping transactions to inflate financial data and recorded fictitious sales and purchases in the accounts of the implicated companies, thereby misappropriating loan proceeds for real estate investments in collusion with company auditors.
“The promoters were also discovered to have illicitly sold portions of mortgaged properties linked to these loans without obtaining the bank's approval. Additionally, they took steps to destroy incriminating evidence related to the companies to obstruct any investigation into the use of the loan proceeds,” stated the central agency.
In prior operations, the ED seized gold, silver, and diamond jewelry/bullion worth ₹24.36 crore, along with ₹1.121 crore in cash and other incriminating documents from the premises of the Rajmal Lakhichand group and affiliated firms. Following these actions, the ED provisionally attached movable and immovable assets valued at ₹315.60 crore under the PMLA, 2002 on October 13, 2023.
