Nagpur: A special court in Nagpur has taken cognizance of a chargesheet filed by the Enforcement Directorate (ED) in a high-profile bank fraud case involving Jalgaon-based jewelry firms Rajmal Lakhichand Jewellers Pvt. Ltd, R L Gold Pvt. Ltd, and Manraj Jewelers Pvt. Ltd. The chargesheet also implicates their promoters and directors, including former Nationalist Congress Party (NCP) Rajya Sabha member Ishwarlal Jain and his son, Manish Jain.
The ED’s investigation, based on three Central Bureau of Investigation (CBI) cases from December 2022, accuses the firms and their directors of criminal conspiracy, cheating, forgery, and criminal misconduct. They allegedly defaulted on loans from the State Bank of India (SBI), resulting in a loss of over ₹352.49 crore.
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Friday 31 Jan. 2025
According to the probe, the promoters submitted fraudulent financial statements to secure loans, engaged in round-tripping to artificially inflate their financial status, and carried out fictitious transactions. They are also accused of selling mortgaged assets without the bank’s consent and destroying incriminating evidence.
In August of the previous year, the ED conducted raids at 13 locations associated with the Rajmal Lakhichand group, seizing jewelry and bullion worth ₹24.36 crore, along with cash totaling ₹1.12 crore. The ED has provisionally attached assets valued at approximately ₹315.60 crore, including jewelry and windmills, linked to the accused.
