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PNB scam: Mehul Choksi diverted Rs 3,257 crore to foreign dummy firms, claim sources

Prime News, National (New Delhi), September 12:- Fugitive diamond jeweller Mehul Choksi, wanted in the Rs 13,500-crore Punjab National Bank (PNB) fraud case, diverted over Rs 3,257 crore of the money raised from fraudulently obtained letters of undertaking (LOUs) and foreign letters of credit (FLCs) to overseas dummy firms, an informed source said on Tuesday.

The Enforcement Directorate (ED) source revealed that Choksi of the Gitanjali Group, who acquired the Antiguan citizenship, also highly inflated the prices of precious metals sold from his business outlets and diverted about $106 million to his nephew Nirav Modi and his father Deepak Modi.

The ED source, requesting for anonymity, said, “Over Rs 3,250 crore was diverted and deposited in the Gitanjali Group firms in the US, United Arab Emirates, Thailand, the United Kingdom, Hong Kong, Japan, Italy and Belgium.”  (MR, Inputs: Agencies).

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