The Central Bureau of Investigation (CBI) has been allowed to invoke Section 409 of the Indian Penal Code which would put the jewellery tycoon Mehul Choksi’s maximum sentence at life if found guilty of fraud.
A parliamentary committee report has listed 30 banks, both Indian and foreign, that are implicated in the Punjab National Bank (PNB) fraud case where jewellery tycoons Nirav Modi and Mehul Choksi are accused.
Titan Limited owned omni channel jewellery brand Caratlane as part of its all India expansion plan has added a store in the national capital Delhi which is the company’s 10th store in the city and 34th store in India.
Mehul Choksi, accused along with nephew Nirav Modi in the ongoing Punjab National Bank (PNB) fraud case, has stated that he cannot return to India as ICICI and Axis bank officials raise doubts about recovering money.
PNB has filed a new complaint against Nirav Modi, the diamond tycoon it has accused of being part of a near $2 billion fraud, alleging that companies he controlled had misused even legitimate loans and guarantees.
Mehul Choksi, one of the central figures accused of involvment in an alleged fraud of nearly $2 billion against PNB, criticised India's investigating agencies, alleging gross abuse of due process in the ongoing probe.