Comments
State-run United Bank of India on Thursday issued a public notice declaring Gitanjali Gems and its fugitive owner Mehul Choksi as willful defaulters and sent them notices seeking repayment of ₹332 crore dues.
Diamantaires Choksi and his nephew Nirav Modi are the kingpins behind the nation’s biggest banking fraud, came to be known as the PNB scam, in February 2018. They have defrauded the State-run bank of over ₹13,000 crore through the Brady House branch at the tony Horniman Circle area in south Mumbai between 2011 and 2017.
According to the notice, United Bank has declared the company and Choksi as wilful defaulters effective June quarter. The company failed to repay the dues despite several notices issued by it, the bank said. Besides Choksi, his wife, Priti Choksi, and directors of Gitanjali Gems have also been given notices by the bank.
United Bank had sanctioned ₹331.85 crore in credit limit to Choksi’s firm, which was into jewellery manufacturing and export.
The bank had declared the account an NPA in March 2018.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.