Millennium Post

ED attaches Rs 143-crore assets of Chennai gold firm

ED attaches Rs 143-crore assets of Chennai gold firm
Chennai: The Enforcement Directorate on Thursday said it has attached fixed deposits (FDs) worth over Rs 143 crore in connection with a bank loan money laundering probe against a Chennai-based gold jewellery firm.
The Kanishk Gold Pvt Ltd sold jewellery in the brand name of 'Krizz' and is accused of defaulting on a bank loan of Rs 824 crore. The agency said it attached the Rs 143.58-crore FDs after a similar attach
ment of assets (plant and machinery) worth Rs 48 crore was made against the firm two days back.
The total attachment in this case is now Rs 191 crore, it said.
The SBI first sent a compliant to the CBI in this matter.
The ED office in Chennai issued a provisional order for attachment of the FDs under the Prevention of Money Laundering Act (PMLA). The agency said it found that an amount of Rs 300 crore was sent by the firm to a jeweller's account and there was allegedly "no evidence" of receipt of gold sale in lieu of the said payment.
Hence, they said, the FDs kept in this bank account were attached.
The Enforcement Directorate registered a Prevention of Money Laundering Act case against the company and its executives after taking cognisance of a CBI First Information Report (FIR) registered last month.
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