Published
Apr 16, 2019
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Mehul Choksi claims innocence in PNB fraud case, accuses bankers

Published
Apr 16, 2019

Fugitive jewellery tycoon Mehul Choksi protested his innocence in the Punjab National Bank fraud case in a new statement and accused high-level PNB bankers of misconduct. 

Mehul Choksi protests his innocence in the PNB fraud case - Gitanjali Gems- Facebook


On April 15, Choksi made a statement to plead his innocence whilst Indian authorities attempt to secure his extradition from Antigua to India to stand trial. Choksi said that he had nothing to do with the Rs 14,000 ($2 billion) fraud at the PNB and that the real culprits were Rishika Financials’ proprietor Debajyoti Dutta and the PNB’s Deputy Manager of its Brady House branch Gokulnath Shetty.

"Debajyoti Dutta of Rishika Financials, who was in the business of discount financing Letters of Undertakings, paid more than a crore of rupees of bribes to Gokulnath Shetty, deputy manager of the Brady Branch of Punjab National Bank,” said Choksi. “Dutta has been conveniently and mysteriously made a witness in the case on behalf of PNB in the alleged scam, rather than an accused."

Choksi alleged that Dutta profited from an arranger fee for his services which senior PNB officials approved. "This is not being investigated despite the fact that in his 20-page statement, Dutta has clearly outlined this clever arrangement in detail,” said Choksi. 

Choksi blames the PNB for the fraud case and alleges that he is being blamed as a scapegoat in a “premeditated” cover-up. "I have borne the brunt of this investigation and paid the price with the loss of my business, built over three decades, despite the fact that not a single shred of evidence has been produced against me,” said Choksi. “In the interim, all the mistakes and corruption with the echelons of PNB have been conveniently ignored and covered up."

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