Mehul Choksi and his nephew Nirav Modi are accused of “fraud” for Rs 135,000 crore. File | Image source: Hindu
A court in Mumbai issued an unbailable warrant against Diamantaire Mehul Choksi in a consortium led by Canara Bank, involving approximately Rs 5.5 crore.
Mr Choksi, the main allegation of “fraud” of the multi-million-dollar Punjab National Bank (PNB), was arrested in Belgium on April 12 after an extradition request was filed by the Indian investigative agency.
The warrant for his non-bail was recently issued by the additional Chief Judicial Magistrate (Court of the Marina Post Office) RB Thakur.
The matter has been adjourned until June 2 for a report on the arrest warrant.
The Central Bureau of Investigation (CBI) claims that Bank of Kanara and Bank of Maharashtra approved Rs 30 billion and Rs 250 crore respectively as working capital facilities under the consortium agreement for Besel Jewelry.
According to CBI, the loan is used for the manufacturing and sale of gold and diamond laying jewelry, but the company allegedly did not use it for its intended purpose.
The agency said the company did not repay the loan, causing the consortium to lose Rs 552.7 billion.
Mr Choksi and his nephew Nirav Modi are charged with “fraud” of Rs 135,000 crore.
When Mr Choksi fought for bail in Belgium’s court, Nirav Modi has been in jail in London since 2019.
publishing – April 30, 2025 at 11:52 am IST
