In its first information report (FIR) filed on Saturday, CBI said Choksi approached IFCI Ltd seeking financial assistance for its long-term working capital requirement and induced the financial institution to sanction a corporate loan of ₹25 crore in March 2016.
The Central Bureau of Investigation (CBI) has filed a fresh case against fugitive diamantaire Mehul Choksi, his firm Gitanjali Gems Ltd (GGL) and others for allegedly cheating IFCI Ltd, a government of India entity, of ₹22.6 crore between 2014 and 2018.
In its first information report (FIR) filed on Saturday, CBI said Choksi approached IFCI Ltd seeking financial assistance for its long-term working capital requirement and induced the financial institution to sanction a corporate loan of ₹25 crore in March 2016.
The IFCI Ltd, according to the FIR, relied on the representation, assurances and undertakings of GGL as well as Choksi and the value of the pledged jewels on the basis of valuation conducted by valuers - Surajrml Lallu Bhai and Company, Narendra Jhaveri,
Pradip Shah and Shrenik Shah. It is alleged the loan was disbursed on the basis of security cover of two times based on the pledge of shares and pledge of gold, diamond and gold studded jewellery, for which valuation was done by the named valuers. They all have also been named as accused. HT has reviewed the FIR.
CBI said Choksi’s company defaulted in repayment of loan instalments and to recover the money, IFCI Ltd invoked the pledge and out of total 20,60,054 pledged shares, it could sell only 6,48822 shares worth ₹4.07 crore as the client ID of Choksi was suspended by National Securities Depository Ltd.
Read More : https://www.hindustantimes.com/india-news/cbi-files-fresh-case-against-mehul-choksi-101651483935812.html
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