Hyderabad: CBI books case against Meena Jewellers for cheating SBI
Hyderabad: The Benguluru unit of Central Bureau of Investigation (CBI) has booked a case against the city-based Meena Jewellers Exclusive Private Limited (MJEPL) and its managing director and two directors for allegedly cheating State Bank of India (SBI) here. Based on a complaint from SBI Stressed Asset Management Branch-II Kachiguda Deputy General Manager GV Sastry, […]
Hyderabad: The Benguluru unit of Central Bureau of Investigation (CBI) has booked a case against the city-based Meena Jewellers Exclusive Private Limited (MJEPL) and its managing director and two directors for allegedly cheating State Bank of India (SBI) here.
Based on a complaint from SBI Stressed Asset Management Branch-II Kachiguda Deputy General Manager GV Sastry, the CBI registered the case against Meena Jewellers Managing Director Umesh Jethwani and two directors Hema U Jethwani and Karan U Jethwani under Sections 120B (criminal conspiracy) read with 420 (cheating), 468 (forgery) and 471 (Using as genuine a forged document) of Indian Penal Code (IPC).
In his complaint, Sastry said the fraud took place while the account was maintained at SBI Overseas Branch in Hyderabad where the accused illegally diverted the funds, manipulated books of accounts with an objective to defraud the bank and to gain unlawfully at the cost of bank’s funds.
The loan account of the accused was classified as NPA on September 27, 2016. The fraud perpetrated by the accused came to light when a forensic audit conducted by a private firm submitted its report on February 2, 2021.
The account of the company was classified as fraud by the SBI’s fraud identification committee in Mumbai during its meeting conducted on March 25, 2021.
MJEPL was incorporated as a private limited company on November 11, 2009 with an objective of acquiring and carrying on the business of Meena Jewels Exclusive (MJE), a partnership firm established in 2005 with Umesh, Hema and Devi Bai as partners.
Umesh and Hema joined as directors in the company. MJEPL was engaged in trading of jewelry, diamonds and watches and it is operating in three outlets at Babu Khan Estate in Basheerbagh, MJ Towers in Punjagutta and Roxana Mall in Begumpet along with its group companies – Meena Jewellers Private Limited and Meena Jewellers and Diamonds Private Limited, according to the complaint.
