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The Enforcement Branch filed Thursday its indictment against businessman Mehul Choksi and his affiliates in connection with a fraudulent fraud. a commitment letter of 140 billion rupees. This comes more than a month after the first indictment of the ED in the case against the businessman Nirav Modi.
On the basis of the indictment, the ED will take a special court to declare Choksi an economic delinquent and confiscate his property the country.
According to the indictment, Choksi, along with eight other people and five companies, was charged with money laundering under the Prevention of Money Laundering Act. money.
The indictment indicates that three companies of Choksi – Gitanjali Gems Ltd, Gili India Ltd and Nakshatra Brand Ltd – fraudulently obtained LoUs issued in the amount of Rs 30 billion and obtained credit limits improved to Rs 31 billion.
"During the investigation, it was revealed that funds from LoUs obtained fraudulently were diverted by their alleged foreign suppliers, namely HK Diamonds Distributors, Shanyang Gong SI HK Limited, Asian Diamonds and Jewelery FZE, UAE United Arab Emirates, Gitanjali Ventures DMCC, United Arab Emirates and Abbeycrest (Thailand) Limited, "said a press release issued after the filing of the indictment.
"Most of these companies had no real activity and were only paper companies used for the rotation of funds." The proceeds of crime were also handed over to Gitanjali group companies in India as an export-import transaction, "said the press release
" In addition, there are several other companies controlled by Mr. Mehul Choksi in Dubai and Hong Kong, which were used for overlap and rotation of these funds, "he added. These companies had managers and dummy partners and the final decision went to Choksi, said the agency.
"These rebates were distributed to group companies and other Indian companies to settle their past debts to Punjab National Bank.Overseas companies, mainly based in Hong Kong and the UAE United Arab Emirates and several Indian entities have been used for the rotation of goods and funds to project a bloated business figure in the Gitanjali group, according to the indictment, adding that the goods exported from India were of an abysmal quality but the value was very high
In his lawsuit against Choksi Nirav Modi's nephew last month, the agency had detailed a plan surprisingly similar to that used by Choksi companies
This charge sheet alleged that various dummy directors were mechanically transferring goods and money, following the instructions of Nirav Modi. cusation enumerated a complex procedure, involving fraudulent imports and exports without any manufacturing activity in any of the dummy foreign companies. Import and export bills have been overvalued to a large extent in order to inflate balance sheets and to obtain high credit facilities from banks (f, b, e, v, n, t, s).
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