The Enforcement Directorate initiated action against Shree Ganesh Jewellery House India Limited in Kolkata under provisions of the Prevention of Money Laundering Act, 2002 (PMLA) in a bank fraud case.
New Delhi: In a major crackdown, Enforcement Directorate(ED) attached 48 movable and immovable properties consist of factories, offices, showrooms at Kolkata, Howrah and Siliguri in Bengal and also properties at Mumbai, Hyderabad, Pune worth Rs 175 crores in a bank fraud case.
According to the ED, the action has been taken against Shree Ganesh Jewellery House India Limited, Kolkata after filing a case under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) in the bank fraud case.
According to the sources, various local leaders were also protecting the accused and may also be probed in the matter. The main accused Nilesh Parekh, Kamlesh Parekh and Umesh Parekh were also famous among Bollywood celebrities.
"Investigations under PMLA were initiated on the basis of the FIR registered by CBI against Shree Ganesh Jewellery House India Limited for defrauding the consortium of 25 banks to the tune of Rs 2672 crore through credit facilities availed in terms of working capital loans and discounting of export bills from 20 nationalised banks and 5 private banks of Kolkata and had siphoned off such fund obtained in assistance of its associate and subsidiary companies in India and abroad," ED said.
The investigation revealed that during the financial year 2012-13 and 2013-14, Shree Ganesh Jewellery House India limited availed credit facilities in terms of working capital loans & discounting of export bills.
"Accused Nilesh Parekh, Kamlesh Parekh and Umesh Parekh, the chief promoters of the company have defrauded the Consortium of Bank by fraudulently floating numerous companies in India and abroad and also Wholly Owned Subsidiaries in Dubai, Singapore and Hong Kong and purportedly made exports of gold jewellery to those related overseas entities from their manufacturing unit in Manikanchan, Kolkata but did not repatriate the sale proceeds of the exports to the bank Consortium in India from where the credit facilities were availed," ED said.
"Investigation also revealed that the proceeds of crime earned and accumulated in the hands of the company and its promoters and beneficiaries were further layered and deployed in the acquisition of different immovable and movable properties. These properties include factories in & offices, showrooms and residential flats of the Company and its associates in different parts of the country worth ₹175 Crores are attached under PMLA," ED added.
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