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The Central Bureau of Investigation (CBI) on Friday registered three more cases against fugitive businessman Mehul Chinubhai Choksi in Mumbai on charges of cheating consortium of banks to the tune of ₹6,748.17 crore, ahead of diamantaire losing appeal to scuttle his extradition from United Kingdom.
The FIRs were registered on the complaint of the Punjab National Bank (PNB).
In an FIR, the CBI has alleged that Mehul Chinubhai Choksi -- Director/Promotor of M/s Gitanjali Gems Ltd and also a guarantor for credit limits sanctioned to M/s Nakshatra Brands Limited -- Dhanesh Vrajlal Sheth, Director of M/s Nakshatra Brands Limited, and unknown public servants committed offences of cheating, criminal misappropriation of assets and criminal breach of trust causing a loss of ₹807.72 crore to the consortium members led by PNB.
Another CBI FIR charged Choksi and Sheth along with two others and unknown public servants too committed the offence of cheating, criminal misappropriation of assets and criminal breach of trust thereby causing loss of ₹5,564.54 crore to consortium members led by ICICI Bank Ltd.
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SEBI imposes ₹5 crore for manipulative trading in the scrip of Gitanjali GemsIt is evident that M/s Gitanjali Gems Ltd was dominantly controlled and managed by Mehul Chinubhai Choksi who has in active connivance with the director Dhanesh Vrajlal Sheth, Joint President, Finance Kapil Mali Ram Khandelwal, CFO Chandrakant Kanu Karkare and others, have been involved in fudging of accounts, siphoning off the fund and utilising the sanctioned credit limits not for genuine trade transactions, read the CBI FIR.
The CBI in the third case, has booked M/s. Gl India Ltd. (M/s. GIL), Mumbai, Choksi, MD of M/s. Gitanjali Gems Ltd, Aniyath Shivraman Nair, Director of M/s GIL, Dhanesh Vrajal Sheth, unknown public servants and others for causing a wrongful loss of ₹375.71 crores to a consortium of three member banks led by PNB.
ICICI Bank being the lead bank have filed a recovery suit against M/s Gitanjali Gems Ltd and its directors and guarantors before Debt Recovery Tribunal-Mumbai, on behalf of the consortium members. NCLT proceedings have also been initiated against M/s Gitanjali Gems Ltd, said the CBI.
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