Nine sites in Maharashtra were searched by the Enforcement Directorate (ED) in connection with three bank fraud cases involving former NCP Rajya Sabha MP Ishwarlal Jain. According to sources, Jain is a close aide of NCP leader Sharad Pawar. The searches of Jain’s associated properties started on Thursday and continued until Friday evening.
Ishwarlal Jain served as the party’s past treasurer as well. The investigation agency searched at Jalgaon, Mumbai, Thane, Aurangabad, Nagpur, among other places.
Three FIRs filed by the Central Bureau of Investigation (CBI) in 2022 against jewellery companies connected to Ishwarlal Jain and others form the basis of the ED’s case against Jain. These FIRs were filed in response to complaints made by the State Bank of India against the named defendants, Ishwarlal Shankarlal Jain Lalwani, Manish Ishwarlal Jain Lalwani, Pushadevi Ishwarlal Jain Lalwani, and Neetika Manish Jain Lalwani, as well as their promoters, directors, and guarantors.
The bank suffered losses from Manraj Jewellers, RL Gold, and Rajmal Lakhichand Jewellers totaling Rs. 206.73 crore, Rs. 69.19 crore, and Rs. 76.57 crore, respectively, according to the CBI charge.
The promoters who are charged are accused of selling homes that were mortgaged with the bank to pay back loans they had taken out. The accused had abused the bank’s credit capabilities and used the money for uses other than those they had disclosed when applying for the loan. A money laundering case has been filed against the accused as a result of this.
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