A senior official confirmed India Today that, "accused persons have been contacted and we have asked them to join the investigation".
Two more months after that, the SBI approached CBI charging Kanishk of "manipulating records and shutting shop overnight", it was reported.
Earlier this week, the Economic Offences Wing of Delhi Police uncovered seven cases of alleged loan fraud of Rs 3.5 crore at Punjab National Bank.
The SBI has requested the agency to register a case against Kanishk Gold Pvt Ltd, its promoter director Bhoopesh Kumar Jain and others. By January, all other members had declared the account as fraudulent to the regulator. The couple is now living in Mauritius and can not be reached said the bankers.
SBI was reportedly the first bank to red-flag the "fraud" in November 2017.
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Kanishk, SBI alleges, had stopped interest payments to all banks since April 2017. Previous year in November, the SBI declared the account fraudulent to the RBI.
"Using this option, Kanishk would purchase gold in the form of bullions from nominated banks in the consortium or from the open market using credit under MGL or from its current account", SBI said.
A representative of the Madras Jewellers and Diamond Merchants Association told the Times of India that "the company shut down. since it couldn't cope with the losses".
Banks have been sanctioning loans to Kanishk Gold since 2007.
State Bank of India extended loans to the tune of Rs 215 crore, Punjab National Bank Rs 115 crore, Union Bank of India Rs 50 crore, Syndicate Bank Rs 50 crore, Bank of India Rs 45 crore, IDBI Bank Rs 45 crore, UCO Bank Rs 40 crore Tamilnad Mercantile Bank Rs 37 crore, Andhra Bank Rs 30 crore, Bank of Baroda Rs 30 crore, HDFC Bank Rs 25 crore, ICICI Bank Rs 25 crore, Central Bank of India Rs 20 crore and Corporation Bank Rs 20 crore.
Customers of erstwhile associate banks of State Bank of India (SBI) and Bharatiya Mahila bank need to apply for cheque books bearing the new IFSC code by 31st March 2018.