• The CBI has opened a new investigation into Mehul Choksi

    National
    The CBI has opened a new investigation into Mehul Choksi




    mso-fareast-font-family:"Times New Roman";color:#757575"> Digital Desk: The
    CBI has filed a new case against fugitive diamantaire Mehul Choksi, his company
    Gitanjali Gems Ltd (GGL), and others for allegedly defrauding IFCI Ltd, a
    government of India agency, out of Rs 22.6 crore between 2014 and 2018.



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    mso-fareast-font-family:"Times New Roman";color:#424242">Choksi approached IFCI
    Ltd seeking financial help for its long-term working capital demand, according
    to the CBI's first information report (FIR) filed on Saturday, and encouraged
    the financial institution to issue a corporate loan of Rs 25 crore in March
    2016.



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    mso-fareast-font-family:"Times New Roman";color:#424242">According to the FIR,
    the IFCI Ltd relied on GGL's and Choksi's representations, guarantees, and
    undertakings, as well as the value of the pledged gems as determined by valuers
    Surajrml Lallu Bhai and Company, Narendra Jhaveri, Pradip Shah, and Shrenik Shah.



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    mso-fareast-font-family:"Times New Roman";color:#424242">The loan was allegedly
    disbursed on the basis of a two-fold security cover based on the promise of
    shares and the pledge of gold, diamond, and gold studded jewellery, all of
    which were valued by the listed valuers. They've all been labelled as suspects.
    The FIR has been reviewed by HT.



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    Choksi's company
    defaulted on loan
    installments, according to the CBI, and IFCI Ltd used the
    pledge to recover the money. However, out of the total 20,60,054 pledged
    shares, it could only sell 6,48822 shares worth Rs 4.07 crore because Choksi's
    client ID was suspended by National Securities Depository Ltd.



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    IFCI appointed two valuers to complete a new valuation of
    the pledged jewels in order to realise the security (gold, diamonds and gold
    studded jewellery). The pledged gems' value had dropped by 98 percent in three
    years, according to the new estimate.



    "It was also discovered that the diamonds were
    low-quality laboratory generated chemical vapour diamonds and other inferior
    colour stones, not real gemstones," the CBI stated in the FIR.



     

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