The CBI on Wednesday registered a case against Chennai-based jeweller Kanishk Gold Pvt Ltd (KGPL) for defrauding a consortium of 14 banks led by the State Bank of India (SBI) to the tune of Rs 824.15 crore in the form of loans now been declared a non-performing asset (NPA).

The agency also conducted searches at KGPL’s office as well as official and residential premise of accused persons at various places in Chennai.

“A case has been registered against Kanishk Gold Pvt Ltd on the complaint from SBI on behalf of a consortium of 14 banks for cheating the consortium to an extent of Rs 824.15 crore. The accused persons have been contacted and asked to join investigation,” said Central Bureau of Investigation (CBI) Spokesperson Abhishek Dayal.