Fraud allegation against Chennai’s Kanishk Gold; banks face over 1000 crores loss
A 14-bank consortium led by the State Bank of India (SBI) has alleged fraud by the Chennai-based gold jewellery manufacturing firm Kanishk Gold Pvt Ltd. The consortium alleges a fraud of 1000 crores (a principal of 824 crores and interest of approx. 150 crores) and has filed a case with the CBI. Bhoopesh Kumar Jain and his wife Neeta Jain are the directors and promoters of the firm. This allegation surfaces almost a month after the Nirav-Choksi scam outbreak that shook the nation and the G&J industry and presented various obstacles for diamond traders in the country.
This story is from the April 2018 edition of The Art of Jewellery.
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This story is from the April 2018 edition of The Art of Jewellery.
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