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CBI files new cheating case filed against fugitive Mehul Choksi

New Delhi: The Central Bureau of Investigation (CBI) has registered another new case of cheating against fugitive diamantaire Mehul Choksi and his company Gitanjali Gems for allegedly defrauding the Industrial Finance Corporation of India (IFCI), reported ANI.

Acting upon the complaint by IFCI, an FIR under IPC section 420 (cheating), 468 ( Forgery for purpose of cheating) and 471 (Whoever fraudulently or dishonestly uses as genuine) has been registered in Mumbai.

A senior CBI officer said that after the preliminary inquiry into the allegations have begun

As per the officer, IFCI Ltd relying on the representation and assurance of Choksi’s company had disbursed the entire loan amount of Rs 25 crore (approximately) on the basis of security cover of two times, pledge of shares, pledge of gold, diamond and gold CS studded jewellery.

However, the accused later started committing defaults in the repayment of loan instalments and in order to recover the defaulted amount of the instalments, IFCI Ltd invoked the pledge and the fresh valuation obtained by IFCI dropped the valuation of the pledged jewels by 90 per cent.

The CBI also alleged that the Director colluded with the Valuers and got the valuation of the pledged jewels done with exorbitant and inflated value.

The diamonds were alleged of low quality and not real gemstones, the officer said.

Searches were conducted at around eight premises of the accused Valuers in Mumbai and Kolkata which led to the recovery of incriminating documents.

PNB Scam case against Mehul Choksi
Diamantaire Mehul Choksi, who is also the uncle of fraudster Nirav Modi, is already an accused in the multi-crore Punjab National Bank (PNB) scam case.

Earlier in April, Choksi’s properties were confiscated by the Income Tax department.

The Punjab National Bank scam relates to the fraudulent letter of undertaking issued by the bank. Jeweller and designer Nirav Modi is the key accused in the case.