Another Banking Fraud?????

Another Banking Fraud?????


Yes.. it it true.  The largest State Owned bank in the country the State Bank of India, has come out with a fraud case of Kanishk Gold, a Chennai based jeweller of defrauding 14 banks including the bank in the recent fraud news Punjab National Bank.  The total amount is said to be Rs. 824 crore according to the reports received.  The amount could go upto Rs. 1000 crore if interest accrued is also added.

The Chennai based Kanishk Gold has its registered office in T. Nagar and the directors are Bhoopesh Kumar Jain and his wife Neeta Jain.  The bank has brought the case before CBI who are yet to file a case in the matter.   Further news received reads as under:

  1. The jeweller has defaulted on interest payments first time in March 2017 to eight member banks.
  2. They have stopped payments to all the 14 banks from April 2017. The promoter was not traceable, during the stock audit conducted on 5 April last year.
  3. For several months, the bankers add that they are not able to trace both husband and wife and are believed to be living now in Mauritius.
  4. Further the SBI report adds that it had reported the matter to RBI in November 2011. The party is entertained for bank facilities since 2007.

While Nirav Modi fraud is still a shocker, another big fraud being unfolded is indeed a matter of serious concern.


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