Mum­bai jew­ellery trad­ing firm booked for ‘cheat­ing’ SBI

Hindustan Times (Gurugram) - - Htbusiness - HT Cor­re­spon­dent let­ters@hin­dus­tan­times.com

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.

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