The Central Bureau of Investigation (CBI) has filed a case against Mumbai primarily based jewellery trading company – Auro Gold Jewellery Pvt Ltd – and its administrators Amritlal Jain and Ritesh Jain for allegedly dishonest State Bank of India of Rs 387 crore.
The grievance lodged by the SBI and addressed to the Superintendent of Police, the CBI and Anti Corruption Branch gave out an in depth account of the fraud and the events concerned.
Besides Amritlal Jain and Ritesh Jain, three different individuals had been named in the grievance together with the company. The fraud got here to light by way of a forensic audit report dated September 10, 2014, and fraud angle examination report dated May 19, 2018.
The fraud came about in Mumbai between 2011-15 the place “the accused person allegedly falsified the accounts, forged and fabricated the documents in order to gain unlawfully at the cost of bank’s funds,” the grievance said.
Diamond dealer and proprietor of Auro Gold jewellery company, Ritesh Jain, can be the prime accused in the alleged cash laundering case value Rs 1,478 crore by way of an online of shell corporations. In March, he was nabbed by the Mumbai Police on the worldwide airport on upon his return from Dubai. Jain had been absconding since December 2016.
Mumbai’s LT Marg police had registered a dishonest and prison conspiracy case against Jain in September 2017 after a complainant approached them, alleging that his paperwork had been cast and a faux company shaped in his title by Jain. The complainant claimed that a number of transactions had been comprised of the account with out his information.
Earlier, one other case was registered at NM Joshi Marg police station in November 2016 primarily based on allegations that Jain and his father Amritlal Jain deposited Rs 100 crore in shell corporations after demonetisation. The case was later transferred to the Enforcement Directorate (ED) which booked Jain under the provisions of the Prevention of Money Laundering (PMLA) Act, 2002 for allegedly opening financial institution accounts in the title of dummy corporations.