The Enforcement Directorate (ED) on Wednesday attached immovable properties worth Rs 5.11 crore of Jaipur-based jewellers Shanti Kumar Chordia, Umrao Mal Chordia and Nayantara Chordia in a bank fraud case.
The attached assets include four immovable properties valued at Rs 3.80 crore including three residential-cum-business houses in Jaipur and a flat located in a posh locality in Mumbai besides fixed deposit of Rs 1.31 crore in SBI, Jaipur.
Earlier, the ED had attached an immovable property in the form of a residential bungalow valued Rs 1 crore situated in Shyam Nagar, Jaipur.
Investigation under PMLA was initiated on the basis of FIR and chargesheet filed by CBI against the Chordias and firms linked to them like Vipul Gems Pvt. Ltd., KV Exports and Vipul Gems.
These entities had cheated the Bank and also dishonestly and fraudulently with criminal intention prevented the Bank from recovering the loan amounts. The bank had incurred a loss of about Rs 30 Crores towards advance given to these borrowers. The ED probe revealed that three entities were engaged in export of precious stones and had availed packing credit (advance for purchase of raw material and to meet export related expenses) of Rs 29 crore from BoB, Nehru Place Branch in Jaipur during the period 2006-07. The entities had furnished forged and fabricated documents to the avail the loan that was diverted from the stated use.