Shivani Thakur
Published on: May 3, 2022 at 15:38 IST
The Central Bureau of Investigation has registered Case against Mehul Choksi and four Government authorised valuers for inflating values of pledged diamonds jewellery by around 95 percent while obtaining loans. Thus, it causing Rs. 22 crore loss to Industrial Finance Corporation of India Ltd or IFCI.
The Central Bureau of Investigation alleged that Choksi, with dishonest and Fraudulent Intentions, in connivance with the valuers and got the pledged jewels to be valued at exorbitant and inflated prices.
As per the rules, the collateral should be worth twice the loan amount when he approached Industrial Finance Corporation of India Ltd for Rs. 25 crore loan.
Based on the valuers’ reports, Industrial Finance Corporation of India Ltd disbursed Rs. 25 crore loan to Choksi’s Gitanjali Gems who was his personal guarantee.
