more-inThe State Bank of India informed the bourses on Friday about a fraud allegedly committed by the Chennai-headquartered Nathella Sampath Jewellery Private Limited (NSJPL) worth over ₹250 crore. In a filing with the Bombay Stock Exchange, the SBI said, “NSJPL, a jewellery manufacturing company, was incorporated in 2007. Last year, one of the subsidiary firms brought its shutters down, citing cash crunch. The company could not pay back the money to customers who had invested in its gold chit scheme. We just need some time.” In November 2017, the jewellery firm’s promoters admitted to the Economic Offences Wing that it owed money to more than 21,000 customers who had deposited in its gold chit scheme.

Source: The Hindu March 23, 2018 19:30 UTC