Cases of cheating and criminal breach of trust were registered against Mehul Choksi.
The Central Bureau of Investigation (CBI) on Friday registered three more FIRs in Mumbai against fugitive businessman Mehul Choksi for cheating and criminal breach of trust.
The FIRs were registered on the complaint of the Deputy General Manager of Punjab National Bank.
The first FIR reads that complaint against Mehul Chinubhai Choksi, the Director/Promotor of the holding company viz. M/s Gitanjali Gems Ltd and also a guarantor for credit limits sanctioned to M/s Nakshatra Brands Limited, the Director of M/s Nakshatra Brands Limited viz. Dhanesh Vrajlal Sheth, unknown public servants, if any, and others for having committed offence of cheating, criminal misappropriation of assets, and criminal breach of trust thereby causing a loss of Rs. 807.72 Crore to the consortium members led by Punjab National Bank.
Another FIR reads that M/s Gitanjali Gems Limited (GGL), its Directors Mehul Chinubhai Choksi and Dhanesh. Vrajlal Sheth, Joint President, Finance Kapil Mali Ram Khandelwal, CFO Chandrakant Kanu Karkare, unknown public servants, if any, and others for having committed the offence of cheating, criminal misappropriation of assets and criminal breach of trust thereby causing loss of Rs 5564.54 crore to consortium members led by ICICI Bank Ltd.
Thus it 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, it reads.
Keeping in view the above facts, it appears that in the account of M/s Gitanjali Gems Ltd fraudulent activities were done by Mehul Chinubhai Choksi, in connivance with its Director Dhanesh Vrajlal Sheth, Joint President, Finance Kapil Mali Ram Khandelwal, CFO Chandrakant Kanu Karkare and others to enrich themselves illegally and derive unlawful and unjust gains and thereby caused loss to member banks of consortium and in furtherance thereof, have cheated/defrauded the consortium member banks to the tune of Rs.5564.54 crore.
The third case has been registered against M/s. Gl India Ltd. (M/s. GIL), Mumbai, Mehul Chinubbhai Choksi, Managing Director of M/s. Gtanjali Gems Ltd. and Guarantor for M/s G India Ltd.,
Aniyath Shivraman Nair, Director of M/s GIL, Dhanesh Vrajal Sheth, Director of M/s. GIL, unknown public servants, and unknown others for causing a wrongful loss of Rs. 375.71 crores to a consortium of three member banks led by Punjab National Bank.
Punjab National Bank is the largest PSU Bank in terms of exposure in the consortium is lodging the complaint on behalf of consortium member Banks as per the mandate given by member Banks.
The ICICI Bank being the lead bank have filed a recovery suit against M/s Gitanjali Gems Ltd and its directors and guarantors before Hon'ble DRT-Mumbai, on behalf of the consortium members. Further, NCLT proceedings have also been initiated against M/s Gitanjali Gems Ltd, it reads.
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