Published
Feb 19, 2018
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GJEPC to support their member Nirav Modi's diamond fraud investigation

Published
Feb 19, 2018

The Gem and Jewellery Export Promotion Council (GJEPC) has announced that it will fully support the ongoing fraud investigation into its members Nirav Modi and Mehul Choksi, hoping to save India’s jewellery industry from any side effects.

The GJEPC will fully support the fraud investigation into its members Nirav Modi and Mehul Choksi - Nirav Modi- Facebook


The GJEPC is a government promoted industry body of which both the diamond tycoon and brand head Nirav Modi and his uncle Mehul Choksi, the Gitanjali Group Promoter, are members. The organisation has stated that, if the Modi and Choksi are found guilty, they take swift action against them and help with the Enforcement Department’s ongoing investigation were possible.

"The Nirav Modi/Gitanjali Gems incident is of concern to the entire gems and jewellery industry,” said the GJEPC’s Chairman, Pramod Kumar Agarwal in a public statement. “We strongly condemn any sort of unlawful and illegal actions by any individual, trade or otherwise." Although Agarwal stated that he did not foresee other Indian diamond jewellery brands and their exports being affected by this scandal, he did state that it will be important to remain vigilant so that this does not happen.

Although the case is still in its early stages and has not yet reached court, Agarwal said: "The Council is ready to assist and support all investigating agencies in all possible ways to reach the right conclusion and punish the guilty." Nirav Modi and Mehul Choksi have been implicated in a fraud case where the Punjab National Bank (PNB) has reported missing 11,400 crore rupees (approximately 1.7 billion US dollars) and believes that the business partners are responsible for at least a large part of it.

The GJPEC is keen to show both international importers and the police that the Nirav Modi case is the exception and not the rule in the Indian diamond jewellery industry. Agarwal said: “practices, incidents of this kind can only take place due to non-adherence of procedures and norms.” The Chairman elaborated, "At GJEPC, we have always sensitised the financial institutions and the government for taking right kind of risk management measures to prevent such incidents… We are keeping a close watch on the investigation into the case. Once the facts are out, the committee will take appropriate action against Modi and Mehul Choksi."

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