Gitanjali Gems says MD Choksi 'falsely implicated' in bank fraud case

​Indian luxury jewellery brand Gitanjali Gems has put its weight behind managing director Mehul Choksi, who the company feels has been ‘falsely implicated’ in the bank fraud case.
Gitanjali Group

Earlier in the week, The Central Bureau of Investigation (CBI) acting on a complaint from the Punjab National Bank had named billionaire jeweller Nirav Modi, Mehul Choksi and others for conspiring with bank officials to fraudulently obtain advances for making payments to overseas suppliers.
However, in a BSE filing Gitanjali Gems has refuted the allegations stating its Managing Director Mehul Choksi has been falsely in a Rs 280 crore (approx $44 million) cheating case and will take legal steps to remove his name from the list of accused in the FIR.
The company further stated that even though Choksi was a partner in the tainted companies named in the FIR, he had retired as partner from 'Diamond R US' in 1999. "Since his retirement as Partner, he had no association or dealings whatsoever with the firm," the filing said.
In the other two firms, Choksi never had anything to do with them in any capacity neither he has been involved in any dealings whatsoever, the filing added.
Gitanjali Group is one of the world’s largest branded jewellery retailers and has more than 4,000 points of sale in India. It also has stores in the US, China and Japan, along with presence in Europe and West Asia.
The company has recently been embroiled in my legal issues with celebrity husband-wife duo Mahesh Bhupathi and Lara Dutta initiating insolvency proceedings against them to recover their pending dues for endorsing the brand.

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