The Enforcement Directorate (ED) announced on Sunday that properties belonging to Ginni Gold Private Limited, a group company of Shree Raj Mahal Jewellers, located in Central Delhi’s Karol Bagh market area, have been provisionally attached under anti-money laundering laws. The move is part of an ongoing investigation into a multi-crore bank loan fraud. Shree Raj Mahal Jewellers, currently undergoing insolvency proceedings, is connected to Ginni Gold Private Limited.
The attached properties, valued at over Rs 4.34 crore, include shops owned by Ginni Gold and its directors-cum-promoters Ginni Devi and Reena Goel. The ED spokesperson stated that the money laundering investigation originated from a CBI FIR, accusing Ginni Gold and its promoters of bank fraud and cheating Union Bank of India for Rs 53 crore. Multiple FIRs have been filed against the promoters and group companies of Shree Raj Mahal Jewellers, alleging a total bank fraud of Rs 232 crore.
The ED alleges that in the case against Ginni Gold, the promoters and directors diverted bank funds for personal purposes, such as investments in immovable assets and real estate under personal names. The agency also claims that stocks hypothecated in the bank loan were siphoned off by purportedly showing sales to shell entities, hindering the recovery of the bank’s dues. Some of these shell entities, as per the ED, either do not exist, or the claimed transactions were not executed. Some entities have reportedly admitted to providing bogus transactions at the promoters’ request, and some shell entities are operated by relatives of Ginni Gold’s promoters and directors. The ED had previously raided Shree Raj Mahal Jewellers, its promoters, and group entities in April of the preceding year.
