Yet another major bank fraud; SBI lodges plaint with CBI

what is all the more concerning is that the KGPL directors Bhupesh Kumar Jain and his wife Neeta Jain may also fled the country

Yet another major bank fraud may have emerged in the public domain as a Chennai-based jeweller Kanishk Gold Pvt Ltd (KGPL) has now been accused of defrauding a consortium of 14 banks.

Led by State Bank of India (SBI)m the consortium may have suffered to the tune of Rs 824 crore in the form of loans that have now been declared as non-performing asset (NPA).

But what is all the more concerning is that the KGPL directors Bhupesh Kumar Jain and his wife Neeta Jain may also fled the country.

It is also now being speculated that the KGPL allegedly resorted to falsifying records and financial statements to procure loans from the banks over a 10 year period beginning 2008.

The SBI lodged a complaint with the Central Bureau of Investigation (CBI) in January this year where in it cited a forensic audit conducted into the accounts of the company and found that the KGPL and its directors have been colluding with the statutory auditors to misrepresent records and the intent is also malafide.

The intent may only have been to carry out fraud with the banks.

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