World News

Rs 824 cr fraud: CBI arrests Bhoopesh in city

Rs 824 cr fraud: CBI arrests Bhoopesh in city

Another incident of bank scam gets reported, and this time State Bank of India reported about the bank fraud of around INR 824 crore by jewellery chain Kanishk Gold.

It is apprehended that the Directors of the KGPL, Bhoopesh Kumar Jain, and his wife Neeta Jain may have fled the country.

Besides KGPL, directors of the accused firm Bhoopesh Kumar Jain, wife Neeta, the agency has also booked auditors Tejraj Achha (Partner of Achha Associates, Chennai), Ajay Kumar Jain (Partner of Ajay & Co, Chennai), Sumit Kedia (Partner of AK Lunawath & Associates) and other unknown persons for criminal conspiracy, criminal breach of trust and cheating under the Indian Penal Code and sections of the Prevention of Corruption Act, agency sources said.

Back in January, SBI had asked the agency to investigate and carry out searches at the properties of jewellery chain Kanishk Gold Pvt Ltd for a loan fraud amounting to Rs 824 crores. But in 2015 it changed its business model to B2B (business-to-business) and started supplying to large retail jewellers, the SBI said in the complaint to the CBI.

The loan accounts of the company were taken over by the SBI from the ICICI in 2008.

More news: Florida school shooting survivors to lead 500000 in global protest

The SBI alleged that while the "fraud" is to the tune of Rs 824.15 crore, the collateral security provided by the company is worth only around Rs 156.65 crore. The company's account was declared a fraud and non-performing asset in fiscal 2018 by several of the lenders, the complaint said.

SBI, as the leader of the association of banks, authorized Kanishk to receive a metal gold loan (MGL) in 2012 and using that option it purchased gold in the form of billions from nominated banks in the association or from the open market using credit under MGL or from its current account.

According to SBI, Kanishk Gold first defaulted in March 2017 in the payment of interest, to as many as eight banks. Customers of these banks will have to apply for a new cheque book by March 31, State Bank of India has said.

By the end of April 2017, the jeweller stopped paying interest to all the 14 banks. When the stock audit was initiated in April 2017 for the proceeding quarter, the KGPL did not facilitate stocks and receivables audit process. "The facts and circumstances and the admission by the managing director of the company also confirms the removal of the stocks secured to the lenders without the knowledge of the lenders and thereby committed criminal misappropriation of secured assets and cheated the lenders".

When the consortium members visited the corporate office, factory and showrooms in and around Chennai, they were found that there was no activity in any of the facilities. The nature of the limit was Working Capital facility sanctioned to the tune of about Rs 747 crore.


  • Rick Saccone finally concedes Pennsylvania special election

    Rick Saccone finally concedes Pennsylvania special election

    The race between Lamb , who often took moderate positions compared to his Democratic colleagues, and Saccone was a tight one. With Saccone officially out of the way, Lamb will be sworn in as the next congressman from Pennsylvania's 18th district.
    US has not given China a list of trade remedy actions

    US has not given China a list of trade remedy actions

    It said USTR would pursue a World Trade Organization case against Beijing's "discriminatory technology licensing". The U.S. delegation cast the only "no" vote, while Britain, Japan, and Australia were among those abstaining.
    Voting for Rajya Sabha elections 2018 begins

    Voting for Rajya Sabha elections 2018 begins

    Voting in the crucial biennial elections for the 10 Rajya Sabha seats in Uttar Pradesh began here on Friday. SP nominee Jaya Bachchan , however, emerged victorious with 38 first preference votes.
  • Auto  bomb explodes in Egypt's Alexandria, one killed: interior ministry

    Auto bomb explodes in Egypt's Alexandria, one killed: interior ministry

    Sisi's critics say he has cracked down harshly on dissent and that tough economic reforms have eroded his popularity. Nemr himself, escorted by guards, appeared on Egyptian television visiting the scene shortly after the attack.
    Hard-hit California neighborhoods evacuate as

    Hard-hit California neighborhoods evacuate as "atmospheric river" moves in

    A dear friend was among those killed. "We're just not willing to take that kind of chance anymore", Sperling said. In the Sierra, where snowpack is a key portion of the state's water supply, U.S.
    Investors, lawmakers, advertisers pressure Facebook over data

    Investors, lawmakers, advertisers pressure Facebook over data

    USA lawmakers demanded Zuckerberg personally testify in Washington to explain his company's actions. Facebook met with lawmakers Tuesday and planned to meet again Wednesday to discuss the case.
  • Holy Week services in Central New York

    Holy Week services in Central New York

    This service begins with the procession from the parish hall into the church commemorating Jesus' triumphal entry into Jerusalem. Ministerial Alliance services culminate in a sunrise service at Franklin Chapel AME Zion Church at 6 a.m., and Rev.
    Former NFL star Tony Romo opens with 77 in PGA Tour event

    Former NFL star Tony Romo opens with 77 in PGA Tour event

    But you learn the golf course as you play throughout the week. "I three-putted twice early in the round (and) that's just nerves". Similar to Steph Curry's participation in a Web.com Tour event last summer, Romo's presence has drawn a mixed reaction.
    Sean Miller: I'm Not A Candidate For The Pitt Job

    Sean Miller: I'm Not A Candidate For The Pitt Job

    So far, he has not publicly expressed any desire to leave U of A. "I wish them well in their search for a new coach". He got his first head coaching job at Xavier in 2004 and stayed there for five seasons and a 120-47 record.
  • Woman ISIS operative in Kerala Yasmeen Zahid gets 7-yr jail term

    Woman ISIS operative in Kerala Yasmeen Zahid gets 7-yr jail term

    She has been found guilty of recruiting 15 people from the Kasargod district of Kerala for ISIS and sending them to Afghanistan. The agency had also stepped up its hunt for the remaining accused in the case with the help of Interpol.
    Chen completes 6 quads to win world figure skating title

    Chen completes 6 quads to win world figure skating title

    Carolane Soucisse of Chateauguay, Que., and Shane Firus of North Vancouver are 11th in their world championship debut. The world championship figure skater lived in the town of about 5,000 until she was eight years old.
    Fodder scam: Lalu Yadav gets 7-yr jail term in fourth case

    Fodder scam: Lalu Yadav gets 7-yr jail term in fourth case

    The fodder scam is unearthed after deputy commissioner of Chaibasa, Amit Khare, raids the Animal Husbandry Department. The multi-million-rupee fodder scam surfaced in the 1990s when Lalu Yadav was Chief Minister of undivided Bihar.