[ad_1]
| Mumbai |
Updated: June 29, 2018 5:01:59 am
Mehul Choksi, Promoter of the Group Gitanjali. The group sells jewelry under popular brands like Nakshatra, Gilli, Asmi and Damascus among others.
As early as October 2015, a Gitanjali Group company based in Dubai alerted Vipul Chitalia, vice chairman of the group who was arrested on the possibility of a criminal action when he was intercepted by the customs authorities in India or Dubai for exporting "poor quality" color diamonds to Dubai.
The polling agencies investigating the companies of Mehul Choksi, promoter of Gitanjali Group, found that the Dubai subsidiary, in an email sent to Chitalia and some other senior officials of the Gitanjali Group on October 6, 2015, stated that sending colored gems received by them was of a "quality" such that the "stones" the color of the release and the bag inside which the stones are kept turn red. "
READ | Mehul Choksi
According to the email, if customs officials from Dubai or India were carrying out a surprise check on export parcels, Gitanjali The group could do faced with heavy penalties. "We are concerned that in a surprise check, if the Dubai / India Customs open the package, the company will be heavily penalized," said the email, which was seen by The Indian Express
The Gitanjali Group sells jewelry under popular brands like Nakshatra, Gilli, Asmi and Damascus among others.
READ | Mr Choksi and his nephew Nirav Modi are Wanted by multiple investigative agencies after the National Bank Punjab National Bank (PNB) complained about their businesses, claiming that she had been cheated Rs 13,600 crore by the fraudulent issuance of letters commitment and foreign letters of credit, both left the company India in January, a few weeks before the scam is discovered. Choksi is known to reside in the United States.
A sealed exhibition hall of Nakshatra of Mehul Choksi in Kolkata. (Photo: Partha Paul / File)
Sources have said that Choksi would have used to fix the rate of goods exported by the group without any economic justification and rotates the same shipments several times by companies controlled by him to inflate the Gitanjali Group's business figure, The Directorate of Enforcement (ED) found that the fair value of diamonds, gems and jewelry seized in the Choksi exhibition halls and factories in Mumbai and Hyderabad is a little more than a quarter of that of Choksi. their total book value. The agency is now considering asking the customs authorities to investigate the alleged overvaluation of exports by the Gitanjali group since 2015.
READ | With a guarantee of Rs 100 crore, Mehul Choksi got Rs 5.280 crore loan
The ED, on Tuesday, also filed his lawsuit (accusation) against Choksi and his companies in a special court. The agency found that Choksi "took an unfair advantage" of RBI's third-party payment system guidelines for export, and used foreign companies controlled by him as part of arrangements tripartite to "defraud" banks
. receive payments for the export of goods from a third party. A third party refers to an entity other than the buyer or seller.
The agency said that Choksi did this to "avoid detection" of sales and purchases from companies that were also the beneficiaries of the LoU and FLC funds issued by PNB and "Bring the funds directly into the Gitanjali group of companies in India ".
READ | Salary of Rs 12,000 per month, loan of Rs 2,500 crore to Gitanjali Gems from Mehul Choksi
The agency has uncovered the track of about 4 143 billion rupees diverted by Choksi to his foreign firm and "fake companies" "In eight countries, through Hong Kong and the UAE, and is checking the track of another crore of Rs 499. In the case of Choksi, the 39, ED alleged that "the modus operandi of issuing LoUs and FLCs by fraud was made with the criminal intent to illegally badess the credit facility without providing the appropriate collateral and with the credit. nominal interest payable and turn money for their own end use "bypbading banking standards. Choksi firms owe 60,000 rupees to GNP.
ALSO READ | Glossary, Auditors Reported Defaults, Forex Violations
The ED found that dummy firms were formed in Hong Kong and UAE to "facilitate the overlay and to launder the proceeds obtained by GNP and hide the real intention and the beneficiaries of the funds ". Choksi, Chitalia, Gokulnath Shetty, former deputy director of PNB, and Nehal Modi, brother of Nirav Modi, are the main defendants of the DE complaint.
The agency also said that Choksi had indirectly used the fraudulent funds of LoUs and FLC to invest in its businesses in India through individuals and businesses. "In one case, he (Mehul Choksi) transferred funds from Eternity Jewels FZE, a Mehul Choksi front company, to Mr. Rakesh Gajera in the form of a loan. buy the equity of Gitanjali Gems Ltd. ", said the ED.
For all the latest business news, download Indian Express App
Source link
