Popular Chennai-based jewellery chain allegedly defrauds SBI over Rs 250 cr

The State Bank of India has reportedly filed a complaint with the CBI against Chennai-based Nathella Sampath Jewelry Pvt Ltd for alleged fraud of over Rs 250 crore. India’s largest bank by assets reportedly said, “Nathella Sampath Jewelry had misrepresented financial statements from 2010 and liquidated the primary asset kept as security/collateral.” SBI had earlier sought the investing agency’s help in the alleged fraud of Rs 824 crore by Kanishk Gold Pvt Ltd.