ED Files Case Against Jewellery Firms in Multi-Crore Bank Fraud

The Enforcement Directorate (ED) filed a prosecution complaint against three jewellery firms and their promoters, including former MP Ishwarlal Jain and his son Manish Jain, alleging involvement in a multi-crore bank fraud. The complaint details fraudulent financial practices and asset misappropriation, resulting in significant financial losses for the State Bank of India.

The Enforcement Directorate (ED) has lodged a prosecution complaint against three jewellery firms and their promoters, notably former MP Ishwarlal Jain and his son, former MLC Manish Jain, concerning a multi-crore bank fraud.

The ED's prosecution complaint, filed on July 26 before a special PMLA court in Nagpur, has been acknowledged by the judiciary. The complaint implicates Rajmal Lakhichand Jewelers Pvt Ltd, R L Gold Pvt Ltd, Manraj Jewelers Pvt Ltd, and their key figures.

Initiated by three CBI FIRs, the case accuses the parties of criminal conspiracy, cheating, forgery, and criminal misconduct, relating to a Rs 352.49 crore bank fraud. Investigations uncovered false financial documentation, fictitious sales, and the siphoning off of loan funds, leading to the attachment of assets worth Rs 315.60 crore by the ED.

(With inputs from agencies.)