The CBI has filed a new case against Mehul Choksi, who is wanted for defrauding IFCI of Rs 22 crore. The Central Bureau of Investigation (CBI) launched a case against fugitive diamantaire Mehul Choksi and others on Monday, based on a complaint from Industrial Finance Corporation of India (IFCI) Limited, for allegedly causing a loss of Rs. 22.06 crore to IFCI Ltd.Choksi is the subject of a new case filed by the central agency.
According to a senior CBI officer, a FIR has been registered in Mumbai under IPC sections 420 (cheating), 468 (forgery for the purpose of cheating), and 471 (whoever fraudulently or dishonestly uses as genuine) following a preliminary investigation into the complaint received against Mehul Choksi and his company Gitanjali Gems from the Assistant General Manager (AGM) of IFCI.
The officer stated that between 2014 and 2018, IFCI Ltd disbursed the entire loan amount of 25 crore (approximately) on the basis of security cover of two times, pledge of shares, and pledge of gold, diamond, and gold CS studded jewellery, relying on the representation, assurances, and undertaking of said private company as well as its Director and the value of the pledged jewels on the basis of valuation conducted by Valuers.
It was also claimed that the accused began defaulting on loan instalment payments, and that in order to recover the defaulted amount of the instalments, IFCI Ltd initiated the pledge, which resulted in a 90 percent reduction in the value of the pledged jewels.
According to the CBI, Yamini Das, Assistant General Manager (Law), IFCI Mumbai, filed a written complaint on November 24, 2020, alleging that GGL, Mehul Choksi, and other accused people were involved in a criminal conspiracy to defraud IFCI from 2014 to 2018.
GGL, through its Director Mehul Choksi, sought IFCI Ltd seeking financial assistance for meeting its long-term working capital demand, and convinced IFCI Ltd to sanction a corporate loan of Rs 25 crore in March 2016 as part of the aforementioned criminal conspiracy. This loan was approved and disbursed in GGL’s favour.
“It is alleged in the complaint that IFCI Ltd, relying on GGL’s and Mehul Choksi’s representations, assurances, and undertakings, as well as the value of the pledged jewels based on valuations conducted by M/s Surajmal Lallu Bhai & Co, Narendra Jhaveri, Pradip C, Shah, and Shrenik R Shah, disbursed the entire loan amount of Rs 25 crores on the basis of security cover of two times based on the pledge of shares and the pledge of gold, diamond and gold studded jewellery,” mentioned the CBI in it’s FIR.”
“Thus, it is prima facie established that Mehul Choksi engaged with the valuers with a dishonest and fraudulent motive and had the promised gems valued at an exorbitant and inflated value. It was also discovered that the diamonds are low-quality lab-created chemical vapour diamonds and other inferior-color stones, rather than genuine gemstones. With effect from 30.06.2018, GGL’s account was categorised as NPA, resulting in a wrongful loss of Rs 22.06 crore to IFCI Ltd and a corresponding unjust gain to the accused “According to the FIR, filed by the CBI.
Around eight of the accused’s properties were searched. Incriminating documents were discovered from his properties.