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Mehul Choksi is an Indian fugitive businessman. His involvement in a PNB scam of 1.8 Billion. And active involvement in Money laundering, illegal property holdings, and corruption. Now he is in Dominica a court proceeding is going against him.
Punjab national bank scam
Mehul Choksi is owner of Gitanjali Group.His venture started way back in 1975. Gitanjali is a jewelry store spread across India. Gitanjali selling jewelry at 4000 points and worth 135 billion. But the company is bankrupt now.
Mehul Choksi has taken a loan worth 1.8 Billion from a foreign bank on issuing LOU from PNB(Punjab National Bank).LOU means the Letter of Understanding. Means PNB took the responsibility for the loan in case any it is not repaid by Mehul Choksi.
Further in 2018 foreign banks send notice to PNB. Then PNB reports that it is not having any involvement in any of the deals.
Finally, PNB declared that it was a scam. Some members have illegally issued LOU. Gokul Shetty and Manoj Kharat are members of PNB who have involvement in the PNB scam.
Choski frauded even SBI, Union, and UCO banks as well.
Mehul Choksi wife Ami Modi, Nirav, and Neeshal Modi are also the main members in the scam.
Mehul Choksi fled
Choksi left India on 7th January 2018. He fled to the Caribbean nation of Antigua and Barbuda. Subsequently, news came to light that Choksi took citizenship way back in November 2017.
Then Choksi is the main target for ED and CBI. Many attempts were made for the extradition but all failed. The government seized all his properties. Till now ED has seized property worth 2,372 crores.
Mehul Choksi has a lot of case register on him under various provisions
- Prevention of Money Laundering Act
- Indian Penal Code (IPC)
- Prevention of Corruption (PCA)
Where is Mehul Choksi
Presently Choksi is in Dominica. According to the report he is been arrested because of a citizenship violation.
Court proceedings are going on the extradition of Choksi back to India. But Choksi claiming that the Indian and Antigua government made a plan to lock him up.
Chosi claiming that he has been forcibly abducted to Dominica and illegally captured from the “honey trap”.
On contrary, some reports say Choski went to Dominica with his girlfriend Barbara Jabarica. Opposition political leader of Dominica Lennox Linton is supporting Choksi. Because Choski promised fundings for the elections.
Still, Mehul Choski case proceedings are going on. India is trying their best to get him back to the nation.