The Enforcement Directorate (ED) on Saturday provisionally attached multiple immovable properties in the Jalgaon and Nashik districts of Maharashtra. The properties were acquired by the promoters of M/s Rajmal Lakhichand Jewelers Private Limited & others in the name of various benami holders. The investigation agency had filed a chargesheet against three jewellery firms and their promoters in connection with a multi-crore bank fraud case, last year. The company’s promoters and directors were named in the ED chargesheet and charged with defaulting on bank loans, thus leading to significant losses. The ED also recovered some damning documents, which showed that the defaulting jewellers used fake financials to avail loans. They had also engaged in round-tripping of transactions to inflate the financials and booking bogus sale purchase transactions in the books of accounts of the accused companies to siphon off the loan proceeds for investments in real estate properties, in collusion with the company auditors.
