ED carries out searches in premises of Rajmal Lakhichand Jewellers, R L Gold and Manraj Jewelers at 13 locations

New Delhi, August 21

The Enforcement Directorate (ED) carried out searches at 13 premises in Jalgaon, Nashik and Thane belonging to Rajmal Lakhichand Jewellers Pvt Ltd, R L Gold Pvt Ltd and Manraj Jewelers Pvt Ltd.

Their promoters were identified as Ishwarlal Shankarlal Jain Lalwani, Manish Ishwarlal Jain Lalwani, Pushpa Devi and Neetika Manish Jain.

Various incriminating documents, 39.33 kg gold and diamond jewellery valued at Rs 24.7 crore and Rs 1.11 crore cash were seized, said officials. 

The ED had initiated investigations on the basis of three FIRs filed by CBI against Rajmal Lakhichand Jewellers, R L Gold Pvt Ltd, Manraj Jewellers and their promoters. The case under relevant sections of criminal conspiracy, cheating, forgery and criminal misconduct was registered after banks alleged that the accused had intentionally defaulted on their loans from SBI, causing wrongful loss to the tune of Rs 352.49 crore (plus interest) to the SBI. The promoters of the three accused companies allegedly colluded and engaged in fictitious transactions and fabrication of books of accounts of three companies and its related entities.

The ED investigation showed that bogus sale and purchase transactions were shown in the books of accounts with the main holding company i.e. Rajmal Lakhichand Jalgaon Partnership Firm. The agency found that a large amount of stock in trade was found to be completely missing. 

The officials mentioned that against a declared stock of more than 1,284 kg of jewellery, ED could trace only around 40 kg of jewellery. Thus, loans taken against this declared stock was siphoned off by showing bogus purchases for non-existent jewellery. 

The promoters failed to produce any supportive document to prove genuine utilization of the loans by the 3 accused companies – M/s Rajmal Lakhichand Jewelers Pvt. Ltd., M/s R L Gold Pvt. Ltd., and M/s Manraj Jewelers Pvt Ltd. In fact they admitted that purposefully, no books of accounts, ledgers, stock registers, invoices or any supportive documents were maintained for the period FY 2003-2014 (loan disbursement period), added officials.