Popular jewellery chain allegedly defrauds 14 banks to tune of Rs 824 cr

Jewellery chain Kanishk Gold Pvt Ltd, which has a registered office in Chennai’s T Nagar, has allegedly defrauded loan from 14 public and private banks to the tune of Rs 824 crore, say reports. State Bank of India has reportedly filed a complaint with the CBI to investigate the alleged fraud, which would cause a loss of Rs 1,000 crore along with interest. Reports suggest that promoters and directors of Kanishk - Bhoopesh Kumar Jain and his wife Neeta Jain - could be residing in Mauritius.