Sources told ET that EOW was verifying the facts based on the complaints and after statements were taken from the complainants. EOW chief Rajvardhan was not immediately available for comment.
Attempts to contact Nilesh Shah of Rasiklal Jewellers for comment were unsuccessful.
Rating agency Brickwork Ratings revised the jewellers bank loan facilities of Rs 105 crore downward to BWR BB Plus from BWR triple B recently citing non-cooperation of the issuer.
“The rating was due for a review in May, 2019. However due to non-availability of the required information, the rating was migrated to “Rating not reviewed” category on 19th August 2019. BWR took up with the issuer to provide required information over emails and through telephone calls. Despite the best efforts of BWR to get at least the minimum required information for a review, the entity has not provided the same. In the absence of adequate information from the issuer/Company, BWR is unable to assess the issuer’s/Company’s financial performance and its ability to service its debt and maintain a valid rating.”
Download The Economic Times News App to get Daily Market Updates & Live Business News.
- No protection for small depositors if jeweller defaults on gold schemes
- Market Movers: Trade war escalates; Lens on 80:20 gold scheme; Dollar buoyant and oil steady
- 80:20 gold scheme under scanner over illegal gains during UPA tenure
- Should you invest in Motilal Oswal's digital gold scheme?
- Government's gold schemes fail to attract people: IGPC IIM-A study
- Raghuram Rajan defends 80:20 gold scheme, says objective criteria followed