J&K Bank Hit -Choksi defrauded J&K Bank worth about Rs 152 Cr

Mehul Choksi, the infamous diamond businessman, who has fled the country along with his nephew Nirav Modi, has also defrauded Jammu and Kashmir Bank of Rs 152 crore, which he had taken in the form of loan from the Bank for ‘Gitanjali Gems’.
Confirming this to the Kashmir Post, official sources said Jammu and Kashmir Bank’s Fort branch had sanctioned loan of Rs 121 crore to Mehul Choksi for his diamond showroom ‘Gitanjali Gems’ in Mumbai in the year 2012.
However, Choksi, Chairman and Managing Director of Gitanjali Gems turned defaulter after obtaining the loan.
During last about six years, the loan amount has risen to around Rs 152 crore including interest and penal interest.
When contacted, Jammu and Kashmir Bank Chairman-cum-Chief Executive Officer (CEO) Parvez Ahmad said the Bank was contemplating legal action against Mehul Choksi like other banks, which have also been defrauded by Choksi and Nirav Modi.
According to sources, Choksi and Nirav had used almost similar modus operandi to cheat Jammu and Kashmir Bank, which they had done in the case of Punjab National Bank and other such institutions.
Few days back, the Enforcement Directorate had raided Choksi’s Gitanjali showroom in Udhampur town and seized diamond and other jewellery costing around Rs 2.5 crore. Various documents were also seized from the showroom.
Nirav Modi and Mehul Choksi had defrauded Punjab National Bank and some other financial institutions to the tune of Rs 11,400 crore but, according to sources, the amount might go up during the course of investigations.
Modi’s brother, Nishal and wife Ami have also been named in the FIR. All of them are absconding.
Earlier in the day, the CBI made its first high-profile arrest in the Rs 11,400 crore alleged PNB scam today, taking into custody Vipul Ambani, President (Finance) of Nirav Modi’s Firestar Diamond, officials said.
As part of the multi-agency probe, an Executive Director and nine other senior officials of the Punjab National Bank (PNB) were today grilled by the CBI in connection with the “fraudulent” guarantees issued by the bank in favour of nephew-uncle jeweller duo Nirav Modi and Mehul Choksi.
Vipul Ambani, who was being questioned since Sunday, was arrested after the agency found him “non-cooperative” in taking forward the investigation, officials said.
Ambani was arrested along with Kavita Mankikar, Executive Assistant and Arjun Patil, Senior Executive, Kapil Khandelwal, CFO, Nakshatra group and Gitanjali group and Niten Shahi, Manager, Gitanjali group.
Mankikar, an authorised signatory of three companies–Diamond R US, Stellar Diamond, Solar Exports–was listed as an accused in the first FIR registered by the CBI on January 31 in which Modi, his wife Ami, brother Nishal and uncle Choksi also figured as accused.