Written by . PNB fraud case: Jewellery took from Mehul Choksi company is just 3 per cent of book value
The ED in its prosecution complaint (chargesheet) versus Choksi also stated that in November 2017, two months prior to the Rs 13,600 crore rip-off involving Punjab National Bank broke, Choksi turned over a list of properties of Gitanjali Group including an under-construction luxury property job– Tatva in suburban Mumbai– to the Vice-President (Account & & Finance )of Gitanjali Gems and instructed him to sell the lien totally free residential or commercial properties on “urgent basis” within a month and lease the mortgaged residential or commercial properties and take a loan.READ |
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The Indian Express had earlier reported that a minimum of 75 people who are still awaiting the ownership of their flats at Tatva have actually approached the Maharashtra Property Regulatory Authority (RERA) seeking action against Choksi, who got away the country in the first week of January.READ | Salary Rs 12,000 each month,’cleared’Rs 2,500-crore loan to Mehul Choksi’s Gitanjali Gems The ED prosecution grievance said that
Choksi appointed a variety of employees as “dummy”directors of his companies even as these companies had no staff members, no board conferences and no company.” … they were dummy directors and they had actually not been provided any power of authority with regard to any choice making pertaining to their respective business. It is also seen that although no board meetings, referring to the stated group business, 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. (Photo: Partha Paul/File)According to the complaint, these companies included Nashik Multi Solutions SEZ Ltd, Good Investment & Finance Pvt Ltd, Good Securities & Financing Pvt Ltd, N&J Finstocks Pvt Ltd, Eureka Finstock Pvt Ltd, Evergold Jewels Pvt & Ltd, Mobile NXT Telservices Pvt Ltd, Mannat Jewellery Production Pvt Ltd, and Vidarbha Multi Products SEZ Ltd.The complaint also stated that seven”dummy business”connected with Choksi in India were utilized to
turn Rs 5,500 crore of the funds raised through Letters of Endeavor( LoUs )and loans acquired by Gitanjali Group from public and personal banks between January 2014 and December 2017. The seven companies consist of 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 travel to India, danger to life due to mob lynching pattern, states Mehul Choksi
The firm stated this was done to “fabricate image of credit summations or turnover in bank statements before settling the liabilities arising from fraudulent LoUs and FLCs (Foreign Letters of Credit)”.
Choksi and his nephew Nirav Modi are desired by several investigating agencies after the state-owned PNB complained versus their business, saying it had been cheated of Rs 13,600 crore through deceptive problem of LoUs and FLCs.For all the most current Organisation News, download Indian Express App