ED freezes Kanishk Gold properties worth â¹48 crore
The Enforcement Directorate has frozen land, buildings, plant and machinery valued at â¹48 crore belonging to Chennai-based Kanishk Gold under the Prevention of Money Laundering Act. It was alleged that the jewellery chain cheated a 14-bank consortium to the tune of â¹824 crore. The firm secured credit facilities from banks after providing wrong stock statements with help of chartered accountants.