The Enforcement Directorate has attached assets worth of over ₹4.34 crore in connection with a bank fraud case against Ginni Gold Private Limited.
The attached properties are in the form of commercial shops in Delhi’s Karol Bagh, which belong to Ginni Gold, a group company of Shree Raj Mahal Jewellers Private Limited, and Ginni Devi and Reena Goel, who are its directors-cum-promoters, said the agency.
The ED had initiated the money laundering probe based on a First Information Report (FIR) registered by the Central Bureau of Investigation, alleging that the company and its promoters/directors and others were involved in cheating the Union Bank of India to the tune of ₹53 crore.
Funds diverted
The agency has alleged that the bank funds were diverted for purposes other than the business of the company. They were invested in immovable assets in personal names. “The stocks hypothecated in the bank loan were also siphoned off by showing purported sales to shell entities so that the same could not be available for the recovery of bank’s dues. Investigations into the shell entities shows that they either don’t exist, or the transactions claimed in the books are not done,” said the ED.
Some of the shell entities allegedly admitted that they had provided entries on the request of the company’s promoters. “Some of the said shell entities are operated by the relatives of the promoters/directors of Ginni Gold...even major part of investments made by the promoters in the share capital of Ginni Gold was routed through a shell entity operated by their relatives and sourced through unknown sources apparently the diverted funds of the bank,” it said.
The ED said there were multiple FIRs registered against the promoters and group companies of Shree Raj Mahal Jewellers for allegedly cheating the banks of about ₹232 crore.
