Mumbai jewellery trading firm booked for ‘cheating’ SBI
NEWDELHI: The Central Bureau of Investigation (CBI) has filed a case against Mumbai-based jewellery trading company Auro Gold Jewellery Pvt Ltd and its directors Amritlal Jain and Ritesh Jain for allegedly cheating State Bank of India of ~387 crore.
According to the bank’s complaint, on the basis of which a case was registered last month, the funds sanctioned to the company were utilized for trading with other companies not in the same line of business. “The bank funds were diverted to the personal accounts of the directors and not used for the business purpose by opening fictitious accounts,” the FIR said.
The alleged irregularities took place between 2011-15 where “the accused allegedly falsified the accounts, forged and fabricated the documents in order to gain unlawfully at the cost of bank’s funds,” the complaint said. Ritesh Jain, is also the prime accused in an alleged money laundering case worth ~1,478 crore. HT could not locate the company or its representatives for comments.