The ED said today it has attached Rs 48 crore worth of assets of a Chennai-based gold jewellery firm in connection with a bank loan money laundering probe. It said the company, Kanishk Gold Pvt Ltd, sold jewellery in the brand name of Krizz and is accused of defaulting on a bank loan of Rs 824 crore. The SBI first sent a compliant to the CBI in this matter. The central probe agency in Chennai issued a provisional order for attachment of the firms factory land and machinery at Pukkathurai village in Kancheepuram district of Tamil Nadu under the Prevention of Money Laundering Act (PMLA). The Enforcement Directorate registered a PMLA case against the company and its executives after taking cognisance of a CBI First Information Report (FIR) registered last month. It was alleged that huge bank loans were obtained (by the firm) from a consortium of 14 banks with SBI as the lead bank for business purposes. Credit facilities are secured by the securities such as raw materials, semi finished goods, finished goods, stores and spares showing huge stocks. However, it was later realised that stock statements were fudged with the help of chartered accountants and on inspection by the banks in May 2017, it was found that no stocks existed and effectively all the operations came to stand still, it said. The Enforcement Directorate said a forensic audit report of the firm showed there are misrepresentation\/falsification of records, diversion of funds and disposal of the stocks by the company. The total loss caused to the banks due to the above fraud works out to the tune of Rs 824 crore which is outstanding as on December, 2017, it said.