A+ A-

By A Newsman

Howrah, 16 June: STATE Bank of India (SBI) today attached a jewellery factory at Howrah’s Domjur for not repaying loans to the tune of Rs 2,600-crore.

Armed with an order from Howrah district magistrate, officials reached the premises of Shree Ganesh Jewellery House factory at Domjur around noon and attached the entire factory that stands on a 160-cottah plot of land.

This comes after the CBI on 8 May arrested the owner of the factory Nilesh Parekh on his arrival at Mumbai airport from Dubai. He is accused of taking around Rs 2,600-crore loans from a consortium of 23 banks led by SBI and then diverting the money to shell companies in Hong Kong, Singapore, and the UAE.

According to a bank official who was part of the team that attached factory today, together with interest, Parekh’s unpaid loan now stands at around Rs 3,300-crore. With the factory being attached, those employed there stand to lose their livelihood unless the banks find a new industrialist to run it.