ED attaches assets of Nathella

The CBI had in March registered a case against Nathella Sampath Jewellery, its promoter and directors for defrauding the State Bank of India-led consortium of three banks to the tune of Rs 380 crore by submitting false documents.

The Enforcement Directorate (ED) on Thursday attached assets worth Rs 328 crores of Nathella Sampath Jewellery, its promoters and others under PMLA in connection with a bank loan fraud case.

The CBI had in March registered a case against Nathella Sampath Jewellery, its promoter and directors for defrauding the State Bank of India-led consortium of three banks to the tune of Rs 380 crore by submitting false documents.

According to the FIR filed by the CBI's bank securities and fraud Cell, Bengaluru, the jewellery manufacturer cum retailer cheated the SBI of Rs 278.31 crore, Union Bank of India of Rs 56.84 crore and HDFC Bank of Rs 44.60 crore. The total loss to the banks due to the fraud is pegged at Rs 379.75 crore, including interests as on March 1, this year.

“ED attaches assets worth Rs 328 crore of M/s Nathella Sampath Jewellery Pvt. Ltd., it's promoters and others under PMLA in a case related to bank loan fraud,” the ED said in a statement.

The CBI has named N Ranganath Gupta, the promoter and managing director of NSJPL, and directors N Prasanna Kumar and Prapanna Kumar, along with auditor Sohun CJ as accused in the FIR along with unknown public servants and others.

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ED attaches assets of Nathella

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