Hyderabad The fugitive businessman Mehul Chinubhai Choksi was arrested in Belgium for fraud of 140,000 crore in Punjab State Bank, who has business contacts in Hyderabad. He established Gitanjali Gems in Hyderabad Gems Park (also known as Hyderabad Gems Ltd), which allegedly made illegal transfers of funds from Hyderabad.
CBI officials have conducted many FIRs on Mehul Choksi, who also appointed Gitanjali Gems and Hyderabad Gems SEZ in the FIR registered with him on December 14, 2022. They are investigating the case, including transfer of funds.
Gitanjali Gem is engaged in the manufacturing and trading of diamonds, gemstones and jewelry and is dealing with banks and leveraging credit facilities of a consortium led by ICICI, according to sources.
“Gitanjali gems are guaranteed by several securities located in different locations, including the land and buildings of Imarath Kancha in Maheshwaram Mandal in the Rangareddy area of Ragrareddy area, and the second charge of gitanjaljali gems ecers of Gitanjaljali gems con Chls of con Chls of con . Hyderabad Gem Ltd. (Sez Ltd) to the bank,” the source said.
Sources said bankers conducted a forensic review of Gitanjali Gems and other companies owned by Choksi. Gitanjali Gems deals with two other companies (Nakshatra and Gili India) at six branches of overseas banks in five countries. Choksi conducts credit transactions in different countries through the Gitanjali Group (Gili and Nakshatra Brands).
CBI collects details of foreign transactions conducted by the Gitanjali Group of SBI in Mauritius; Bank of India, Antwerp, Belgium; Bank of Canara in Bahrain; SBI, Frankfurt; Axis Bank; and Bank of Allahabad in Hong Kong.
Box: Scam Timeline
2018
January 29: PNB filed a complaint against Nirav Modi and his uncle Mehul Choksi to the CBI.
January 31: The CBI recorded Choksi, Nirav Modi and others.
February 18: CBI searches in Gitanjali Gems and Hyderabad Gems SEZ, after it was registered in a bank fraud of Rs 130,000 crore.
2022
December 14: CBI records several cases including Gitanjali Gems.
Box: Fund transfer
2017
February 13: RTGS transfers Rs 7.2 lakh from Catholic Syrian Bank to Gitanjali Gem
February 13: RTGS transfers Rs 9.8 crore RTG to Gitanjali Gems
February 13: RTGS transfers Rs 9 crore to Gitanjali gemstone
(The deal was completed a few months before Mehul Choksi escaped from India)
