It is suspected that the shell firms were being used by the accused to launder money and create "benami assets" in the form of land, gold and precious stones, which is now being probed by the agencies.
The FIR also named two former bank employees for alleged direct involvement in the fraudulent transactions. The FIR was lodged on the orders of a magisterial court here on a complaint by B Tech graduate Vaibhav Khuraniya alleging that his company R M Green Solutions had purchased a retail franchise of Gitanjali Jewellers from Choksi on an assurance of high returns. The source of funds and creditworthiness of the overseas companies were not explained properly, the IT department said in its report. The company duped us and stole our stock worth Rs 80 Lakh.
Meanwhile, ED officials have hired experts to ascertain the value of the items seized during the raids.
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I don't know how I'm ever going to set foot on that place again, or go to a public park after school, or be walking anywhere. She was murdered last week and she was taken from us.
The bank's NPAs have increased to above Rs 5,000 crore, said senior opposition legislator Muhammad Yousuf Tarigami of CPM. ED officials said the valuation was done by them based on stock value and market value at showrooms.
The department issued orders for provisional attachment of these accounts in various bank branches in Mumbai under the provisions of the Income Tax Act, 1961. Instead, low-quality diamonds were exported to associate units overseas to keep up the appearances. They would sell them, return the money, and get commission on proceeds. "However, we had this intuition that he is bribing his way out and the matter isn't reaching to the higher authority", Khuraniya further added.
It said that during the check period, the agency found cash receipts of over Rs 158 crore.