CBI registers bank fraud case against another Tamil Nadu-based jewellery company
In its complaint to the probe agency, SBI said that Nathella Sampath Jewelry Private Limited and its directors colluded with statutory auditors to misrepresent the firm’s account books and financial statements.india Updated: Mar 25, 2018 21:55 IST
The Central Bureau of Investigation (CBI) has registered a bank loan fraud case against a Chennai-based jewellery firm, its promoters and directors for allegedly defrauding a State Bank of India (SBI)-led consortium of banks to the tune of Rs 379.75 crore.
In its complaint to the probe agency, SBI said that Nathella Sampath Jewelry Private Limited and its directors colluded with statutory auditors to misrepresent the firm’s account books and financial statements. The bank claimed that the accused availed of credit facilities from the lenders without disclosing the actual availability of inventory and book debts.
CBI has named the company — involved in the business of buying, manufacturing and selling precious metals— its promoter-cum-MD N Ranganath Gupta, directors N Prasanna Kumar and N Prapanna Kumar and a chartered accountant, Sohun CJ, as the accused in the case.
The firm and its directors could not be reached for comments. The SBI has also claimed that a few people who had invested in the firm’s deposit schemes have filed cheating complaints with the Tamil Nadu police and a case has already been registered in this regard.
A few days ago, the central probe agency had registered a case against another Chenna-based jewellery firm, Kanishka Gold, and its promoters for allegedly duping banks by presenting false financial statements.