more-inThe Enforcement Directorate (ED) Chennai on Friday arrested Bhoopesh Kumar Jain, the managing director of Kanishk Gold Private Limited (KPGL) for alleged money laundering. According to ED, the total loss caused to the banks due to the fraud was around ₹824 crore as of December 2017. In April, the ED froze land, building, plant and machinery worth ₹48 crore belonging to the company’s owners. They also attached fixed deposits worth ₹143 crore (along with interest accrued) .The cumulative value of the properties frozen/attached was ₹191 crore. KGPL is a Chennai-based jewellery manufacturer, engaged in the business of manufacturing of gold jewellery which was marketed under the brand name ‘KRIZZ’.

Source: The Hindu May 25, 2018 17:46 UTC