Mehul Choksi was often seen in the Italian restaurant of the Grand Hyatt Hotel in Mumbai. He often posed for photographs with one of the 26 movie stars at the event, endorsing his company's brand. He likes a black Mercedes E-Class car. San Francisco is America's favorite city.
Turnover over Rs 13,000 crore
The Gitajali Group became one of the largest branded jewelery retailers in the world in its heyday. The jewelry business was booming with its nearly 4,000 show-rooms. It accounted for more than 50 per cent of the organized jewelery market in India. Mehul Choksi was the chairman of this group. Gitanjali's name was on the list of BSE and NSE. It had an annual turnover of over Rs 13,000 crore. But now the business is closed.
Choksi is not only Nirav Modi's mama, but he is also Nirav's partner in the three companies. Which is being investigated by several agencies. Mehul Choksi also developed a special economic zone in Hyderabad.
What was the PNB scam?
Mehul Choksi and his company Gitanjali James along with some officials of Punjab National Bank paid Rs. He is accused of committing more than Rs 14,000 crore scam. He incorrectly repeatedly received Letters of Undertaking (LoUs) from the bank and continued to increase foreign Letters of Credit. As a result, the bank has lost more than Rs 14,000 crore.
Collusion of bank officials
Under this, a fake letter of undertaking was obtained with the connivance of two PNB officials. It was done in the name of Undertaking Indian Bank. This Undertaking is in a way PNB. Was guaranteed by. This undertaking meant a loan of an amount that was to be used to import pearls for one year. But it violated the rules of the Reserve Bank. According to the rules, this LOU can only be used for import for three months. The LOUs were issued in the name of fictitious companies from the British Isles and many other countries.
Several criminal cases against fugitive precision
In March 2018, a special PMLA court issued non-bailable warrants against Mehul Choksi and his nephew Nirav Modi. Six officers of Punjab National Bank and six officers and employees of Choksi and Nirav companies have been arrested in this connection. Choksi was declared a fugitive by the Government of India. He was booked in several criminal cases like money laundering and fraud.
Nirav Modi, who was involved in the scam with Mehul along with Indian banks, is in London jail these days. His extradition hearing is underway. Both Mehul Choksi and Nirav Modi were in the diamond business. Mehul has been in the Caribbean archipelago in Antigua since 2018 and agencies such as the Central Bureau of Investigation, Enforcement Directorate are trying to extradite him.
How caught scam
First, Punjab National Bank filed an FIR with the CBI on January 29, 2018, which revealed that some of its officials had issued fake LOUs worth Rs 280.7 crore on January 16. However, later when the authorities went deeper into the case, it was realized that the scam was worth over Rs 14,000 crore.
How to reach Antigua
Mehul Choksi and his nephew Nirav Modi withdrew money from Punjab National Bank between March 2017 and May 2017. Mehul applied for Antigua citizenship in May 2017 after taking a loan of about Rs 14,000 crore from PNB. He left for Dubai on January 4, 2018. From there he arrived in Antigua, from where he took the Alliance (Oath of Citizenship) on January 15, 2018. It is said that Mehul took his citizenship by paying a large sum of money.
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