Mehul Choksi, the owner of Geetanjali Gems, who has fled the country along with his nephew Nirav Modi, is a defaulter of Rs 152 crore for Jammu and Kashmir Bank as he soon after taking the loan from the bank turned defaulter.
A Jammu and Kashmir bank official on Wednesday said Mehul Choksi had taken a loan from the Bank for ‘Gitanjali Gems’ in 2012. The official said JK Bank’s Fort branch Mumbai had sanctioned a loan of Rs 121 crore to Mehul Choksi for ‘Gitanjali Gems’ in 2012. But soon after Choksi took the loan, he turned defaulter and the bank didn’t take any action against the officials who had sanctioned the loan, Outlook India reported
The Rs 121 loan amount has risen to around Rs 152 crore in last six years including interest and penal interest. but no action has been taken in past six years against any of the officials who approved the loan and made no effort to recover it.
Nirav Modi, the alleged kingpin behind the largest banking scam in the India’s history have been accused to have duped Punjab National Bank (PNB) of over Rs11,000 crore ($1.77 billion).
The scam came out in the open on February 14 , 2018, when the state-run Punjab National bank informed the stock exchanges.
According to the reports, the Enforcement Directorate conducted a search on the Mumbai residence of diamond trader Nirav Modi on Tuesday and seized assets worth Rs 5,716 crore.