CHENNAI: Days after attaching the properties worth Rs 227 crore belonging to Kanishk Gold Private Limited (KGPL), the Enforcement Directorate (ED) arrested its promoter and director Bhoopesh Kumar Jain here in the city, on Friday.
He was arrested in connection with the allegation of cheating banks to the tune of Rs 824.15 crore. The arrest was made after he appeared before the Enforcement Directorate officials for questioning on Friday. Following the arrest, he was sent to judicial remand till June 8 and lodged in Puzhal prison.
The arrest was made after a consortium of 14 nationalised and private banks, led by State Bank of India lodged a complaint to CBI against the Tamil Nadu-based jewellery chain in March. Based on the complaint, the CBI registered a case against Bhoopesh Kumar Jain and his wife Neeta Jain, both directors of the company and questioned them in Bengaluru. Their residences and other properties were searched by CBI sleuths recently.
According to the complaint, KGPL had defaulted on payments of the loan to the 14 banks and stopped paying interest subsequently. Meanwhile, the banks declared the account of KGPL as fraudulent to Reserve Bank of India leading to the legal proceedings. The CBI also booked KGPL partners Tejraj Achha, Ajay Kumar Jain, Sumit Kedia and others in connection with the bank fraud case.
