Written by . PNB fraud case: Jewellery seized from Mehul Choksi firm is simply 3 per cent of book worth
The ED in its prosecution complaint (chargesheet) against Choksi likewise said that in November 2017, 2 months prior to the Rs 13,600 crore scam including Punjab National Bank broke, Choksi handed over a list of residential or commercial properties of Gitanjali Group consisting of an under-construction luxury domestic task– Tatva in rural Mumbai– to the Vice-President (Account & & Financing )of Gitanjali Gems and instructed him to sell the lien totally free residential or commercial properties on “immediate basis” within a month and lease the mortgaged homes and take a loan.READ |
. Low-grade gems at high value: Mehul Choksi got Dubai alerting
The Indian Express had actually earlier reported that at least 75 people who are still awaiting the belongings of their flats at Tatva have approached the Maharashtra Realty Regulatory Authority (RERA) looking for action versus Choksi, who got away the country in the first week of January.READ | Income Rs 12,000 each month,’cleared’Rs 2,500-crore loan to Mehul Choksi’s Gitanjali Gems The ED prosecution grievance stated that
Choksi selected a variety of staff members as “dummy”directors of his companies even as these business had no employees, no board meetings and no company.” … they were dummy directors and they had not been offered any power of authority with regard to any decision making relating to their particular companies. It is likewise seen that although no board meetings, relating to the stated group companies, were ever held; nevertheless fake minutes of conferences were prepared and the stated dummy directors were made to sign it under the instructions of Mr. Mehul Choksi, “it stated. A sealed display room of Mehul Choksi’s Nakshatra in Kolkata. (Picture: Partha Paul/File)Inning accordance with the problem, these companies included Nashik Multi Providers SEZ Ltd, Decent Financial Investment & Finance Pvt Ltd, Good Securities & Finance Pvt Ltd, N&J Finstocks Pvt Ltd, Eureka Finstock Pvt Ltd, Evergold Jewels Pvt & Ltd, Mobile NXT Telservices Pvt Ltd, Mannat Jewellery Manufacturing Pvt Ltd, and Vidarbha Multi Products SEZ Ltd.The grievance also said that 7″dummy companies”connected with Choksi in India were utilized to
rotate Rs 5,500 crore of the funds raised through Letters of Undertaking( LoUs )and loans gotten by Gitanjali Group from public and private banks in between January 2014 and December 2017. The seven firms include Jain Diamonds Pvt Ltd, Jhankar Vanijya Pvt Ltd, Mumbai Gems & Diamond Pvt Ltd, Iris Merchantile, Premier Intertrade, Shriji Multitrade Pvt Ltd and Niva Commercial Pvt Ltd.READ | PNB scams case: Ca n’t take a trip to India, risk to life due to mob lynching pattern, states Mehul Choksi
The firm stated this was done to “fabricate photo of credit summations or turnover in bank statements prior to settling the liabilities developing from fraudulent LoUs and FLCs (Foreign Letters of Credit)”.
Choksi and his nephew Nirav Modi are wanted by numerous examining companies after the state-owned PNB grumbled versus their business, saying it had been cheated of Rs 13,600 crore through fraudulent concern of LoUs and FLCs.For all the latest Company News, download Indian Express App