Summary:
more-inThe Enforcement Directorate (ED) Chennai has frozen properties worth ?48 crore belonging to M/s Kanishk Gold Private Limited (KPGL), Chennai under Prevention of Money Laundering Act (PMLA). Later, a forensic audit was conducted to identify fraudulent financial reports, diversion of bank funds, siphoning of funds and asset stripping for the period 2009-2017. The gold was manufactured at a unit at Natarajapuram Village, Pukkathurai Village, Maduranthagam Taluk, Kancheepuram. The firm was engaged in the business of manufacturing gold jewellery which was marketed under the brand name Krizz. It was alleged that bank loans were obtained from a consortium of 14 banks with SBI as the lead bank..