In a major action against former NCP treasurer and ex-Rajya Sabha member Ishwarlal Shankarlal Jain and his son Manish Ishwarlal Jain Lalwani, the Enforcement Directorate (ED) on Sunday said it has attached 70 immovable assets worth Rs 315.6 crore of Rajmal Lakhichand Jewellers Pvt Ltd, R L Gold Pvt. Ltd., and Manraj Jewelers Pvt. Ltd.
The financial probe agency in a statement said the ED has attached 70 immovable assets located in Jalgaon, Mumbai, Thane and Sillod in Maharashtra, and Kutch in Gujarat among other areas; and movable assets such as wind mills, silver and diamond jewellery or bullion and Indian currency, all assets valued at Rs 315.60 crore, in a bank fraud case of Rajmal Lakhichand Jewelers Pvt. Ltd., R L Gold Pvt. Ltd., and Manraj Jewelers Pvt. Ltd and others under the Prevention of Money Laundering Act (PMLA), 2002 on Saturday.
The ED said the attached movable and immovable assets include the benami properties acquired by the promoters Ishwarlal Shankarlal Jain Lalwani, Manish Ishwarlal Jain Lalwani and others.
The ED case is based on three FIRs registered by the CBI under various sections of IPC alleging that the Companies and its Directors or Promoters were involved in offences of criminal conspiracy, cheating, forgery and criminal misconduct, causing wrongful loss of more than Rs 352.49 crore to the State Bank of India against Rajmal Lakhichand Jewellers Pvt Ltd, RL Gold Pvt Ltd, and Manraj Jewellers Pvt Ltd, and their promoters, directors and guarantors — Ishwarlal Shankarlal Jain Lalwani, Manish Ishwarlal Jain Lalwani, Pushadevi Ishwarlal Jain Lalwani and Neetika Manish Jain Lalwani who were named as accused.
According to the complaint filed with the CBI, Rajmal Lakhichand Jewellers caused a loss of Rs 206.73 crore to the bank, RL Gold caused a Rs 69.19 crore loss and Manraj Jewellers a Rs 76.57 crore loss.
The accused promoters allegedly sold properties that had been mortgaged with the bank for the loans they had borrowed. The accused had misused the credit facilities of the bank and then used the money for purposes other than what they had mentioned while borrowing the money. This led to a money laundering case being registered against the accused.
The ED said that its probe revealed that the promoters had submitted fake financials to avail such loans.
“The promoters also engaged in round tripping of transactions to inflate the financials and booking bogus sale purchase transactions in books of accounts of the accused companies to siphon off the loan proceeds for investments in real estate properties, in collusion with the auditors of the Companies,” it said.
Earlier, ED had conducted search operations at 13 official and residential premises of Rajmal Lakhichand group in Jalgaon, Nashik and Thane (Maharashtra) and seized gold, silver and diamond jewellery or bullion and Indian currency in cash along with various incriminating documents.
“Search and post search investigative findings have revealed fictitious stock or missing stock inventories of bullion and gold jewellery in books, use of shell Companies, employment of dummy directors, etc.,” it added.
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