PNB fraud CBI files second chargesheet naming Choksi firms
17 May, 2018, 04:37
Mumbai: The Central Bureau of Investigation (CBI) has filed a chargesheet against five more people, including jeweller Mehul Choksi, as part of a probe into the alleged $2 billion PNB fraud case, said two people aware of the matter.
In case of default, the bank issuing the LoU has to pay the liability to the credit-giving bank.
On Monday, the CBI had chargesheeted Nirav Modi and 24 others in connection with fraud of Rs 6,498 crore.
The first chargesheet, filed in a special court in Mumbai, also names several other top officials of the bank. Ever since the PNB has been hit by these two massive scams, the law enforcement authorities have been raiding Nirav Modi's properties and assets in the nation to recover as much amount to minimise the impact of the fraud. It is alleged that the accused in this case had hatched a criminal conspiracy and had defrauded the bank to the tune of Rs7,000 crore.
The agency has alleged that Rs 7,080.86 crore were siphoned off by Choksi and his companies using 142 letters of undertaking and 58 foreign letters of credit, the officials said. This CBI said this was done without any sanctioned limit or cash margin and without making entries in the Core Banking System. It further said approximately 2,400 documents have been seized. In a document dated May 10, Kartik Radia, Partner & Head - Business Advisory Services at BDO, declared that the three companies Firestar Diamond Inc, A. Jaffe Inc and Fantasy Inc that have filed for bankruptcy in NY received at least around $46 million (Rs 312.4 crore) in remittances from PNB since 2011, the time when Modi's fraudulent activities are believed to have commenced. They were all arrested along with Gokulnath Shetty in this case and are now in judicial custody.
The firms, Gitanjali Gems Ltd, Gili India Ltd, Nakshtra Brand Ltd, have been named along with 15 individuals of these companies in the chargesheet.
The agency mentions that Mr. Shetty allegedly received over ₹1.02 crore as quid pro quo from Gitanjali Gems group in return for the favour of issuing fraudulent LoUs and FLCs. A large number of witnesses were examined and voluminous documents collected.
Following the CBI move, the PNB board has divested Rao and Sharan of their functional responsibilities in the bank.
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