Chennai: Three months after CBI registered a case against Nathella Sampathu Chetty Group, that runs a chain of jewellery shops in the state, the Directorate of Enforcement (ED), Chennai zone, attached 37 immovable properties worth Rs 328 crore of Nathella Sampathu Jewelry Private Limited (NSJPL) and indicted its promoter cum directors and others under the Prevention of Money Laundering Act, 2002, in a case related to bank loan fraud.
Nathella group sells gold jewels, silver articles and jewels made of precious and semi-precious stones through its showrooms in T. Nagar, Velachery, Tambaram, Anna Nagar and Purasaiwalkam in Chennai and in Hosur and Vellore.
ED initiated an investigation on the misappropriations after the CBI registered an FIR in April. The FIR was registered based on a complaint by State Bank of India-led consortium of banks, which provided loans to the group, the ED statement said.
According to the statement, NSJPL had unduly enjoyed bank borrowings in the form of cash credit facilities to the tune of several crores from the banks from the year 2009.
“It was further alleged that the promoters have been misrepresenting and falsifying the books of accounts and financial statements of the company to avail credit facilities. The company had caused Rs 380 crore to the consortium of banks and a corresponding gain for themselves,” the statement added.
Earlier, ED sleuths searched premises of NSJPL and seized various documents and electronic devices.
“The company had reported stocks worth Rs 495 crore as on March 2017 against the actual stock of Rs 31 crore. The company also reported sales of Rs 1,517 crore against Rs 157 crore. The company also reported a purchase of Rs 1,591 crore against Rs 61 crore. The promoters of NSJPL on its own and using the firms and trusts belonging to their family in routing and layering the crime proceeds and indulged in money laundering,” the ED said.
Residential property at Kilpauk, a marriage hall at Koyambedu, showrooms in Anna Nagar, Purasaiwalkam, its office at T. Nagar, Beach House in Uthandi and other properties worth Rs 328 crore were attached.
