The Central Bureau of Investigation (CBI) has registered a fresh case against fugitive diamantaire Mehul Choksi and his company Gitanjali Gems for allegedly defrauding the Industrial Finance Corporation of India (IFCI).
A senior CBI officer said that after the preliminary inquiry into the complaint received against Mehul Choksi and his company Gitanjali Gems from the Assistant General Manager (AGM) of IFCI, an FIR under IPC section 420 (cheating), 468 ( Forgery for purpose of cheating) and 471 (Whoever fraudulently or dishonestly uses as genuine) has been registered in Mumbai.
The officer informed that during the period 2014 to 2018, IFCI Ltd 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, had disbursed the entire loan amount of Rs 25 crore (approximately) on the basis of security cover of two times, pledge of shares, pledge of gold, diamond and gold CS studded jewellery.
It was further alleged that the accused had started committing defaults in the repayment of loan installments and in order to recover the defaulted amount of the installments, IFCI Ltd invoked the pledge and the fresh valuation obtained by IFCI dropped the valuation of the pledged jewels by 90 per cent.
The CBI also alleged that the Director colluded with the Valuers and got the valuation of the pledged jewels done with exorbitant and inflated value. The diamonds were allegedly of low quality and not real gemstones, the officer said.
Searches were conducted at around eight premises of the accused Valuers in Mumbai and Kolkata which led to the recovery of incriminating documents.