The Central Bureau of Investigation (CBI) on Tuesday filed a case against Auro Gold Jewellery Pvt Ltd., a Mumbai based company, and against Amritlal Jain and Ritesh Jain, who are the directors of the trading company. The company is charged for allegedly cheating State Bank of India of Rs 387 crores.
Auro Gold Jewellery Pvt Ltd. is a jewellery trading company that manufactures gold Jewellery and also exports it to the Middle East.
What happened against Mumbai Jewellery company?
A complaint against Auro Gold Jewellery Pvt Ltd. was lodged by the State Bank of India (SBI) and full-fledged details about the fraud along with the parties involved were given to the Anti-Corruption Branch, Superintendent of Police, and CBI.
The fraud came to notice with the help of a forensic audit report dated September 10, 2014, and a fraud angle examination report dated May 19, 2018.
The entire fraud took place between 2011 to 2015 in Mumbai. According to the complaint lodged by SBI, the directors of Auro Gold Jewellery Pvt Ltd. allegedly faked the accounts and produced fake documents before the bank to gain unlawfully at the cost of the bank’s funds.
SBI has also informed the police that the accused company had a long relationship with the bank.
SBI reported its allegations against Amritlal Jain and Ritesh Jain along with three other people, who are associated with the company.
Ritesh Jain is also one of the main accused in an alleged money laundering case worth Rs. 1,478 crores. In this case, he was arrested by the Mumbai Police at the international airport while he was returning from Dubai.
There is a list of several other cases that are filed against Jain. In September 2017 Mumbai’s LT Marg police registered a complaint, alleging that his documents had been falsified and a fake company formed in his name by Jain. Similarily in November 2016, another case was reported at NM Joshi Marg police station, alleging Jain and his father Amritlal Jain deposited Rs 100 crore in shell companies after demonetization.