Hyderabad: Sleuths of Enforcement Directorate, carried out searches against Hyderabad-based jeweler Mussadilal Jewellers in an alleged Rs 88 Crore bank loan fraud . The chain is owned by owned by Mohan Lal Gupta and Prashant Gupta, respectively.
The ED began investigation based on an 2019 FIR registered by the Central Bureau of Investigation’s Bank Security and Fraud wing, Bangalore. According to the Union Bank of India ( complainant) , the Company had closed a loan account via One Time Settlement for Rs 40 Crore, resulting in bank suffering a direct loss of Rs 48 Crore.
Independent investigation carried out by the UBI officials, detected diversion of ‘stocks’ in the audit reports and it termed the account as ‘fraud’, resulting in CBI booking a case and ED taking up investigation for money diversion. Though the company settled for a OTS, the scam still exist’ investigators said.
The agency is also investigating loan diversion, stock diversion.