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CBI probing another Rs 5,280 crore loan taken by Choksi and his companies

IANS  |  New Delhi 

The CBI is probing another loan of Rs 5,280 crore taken by and his companies from a consortium of 31 banks led by ICICI Bank, informed sources said.

The probe is part of the existing FIR filed against and his of companies, said the sources.

They said the Rs 5,280 crore loan amount was separate from the Rs 13,600 crore (PNB) fraud already being probed by the (CBI).

"The investigation is under the purview of working capital loan and it may become the part of the existing PNB fraud cases. If this proves to be a fraud too, the whole fraud amount may officially touch Rs 19,000 crore."

As per the complaints of PNB, the country's second-biggest state-run lender, the CBI is currently probing about Rs 7,080 crore fraud during 2013-17 against Gitanjali Gems Ltd, Gill Ltd, and Asmi Jewellery Ltd.

The CBI on February 15 filed a case against of companies controlled by for allegedly defrauding the of Rs 4,8886.72 crore. Later the agency got another PNB complaint on February 22 wherein the fraud in respect of Foreign Letter of Credits increased by another Rs 1,251.56 crore.

The agency on March 4 received another complaint from PNB against regarding additional exposure of about Rs 942.18 crore.

Choksi, the of the Gitanjali Group, was so far accused along with his nephew in the Rs 13,600 crore PNB fraud. The CBI has registered separate FIRs in connection with the case.

Billionaire diamantaire Modi, a regular on the lists of rich and famous since 2013, his group companies -- Diamond R US, Stellar Diamond and Solar Exports-- his wife and brother are also named in along with others in the fraud, admitted by the PNB in February and leading to a massive upheaval in the country's system.

Choksi, Modi and his family are still at large as they fled abroad in first week of January - around a month before the PNB filed first complaint against them about the fraud.

The PNB has claimed in different complaints to the CBI that several LoUs -- issued by one bank to other banks, based on which foreign branches offer credit to buyers -- were fraudulently issued by its officials in connivance with Modi and the other accused in the case causing huge losses to the bank.

(Rajnish Singh can be contacted at



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 11 2018. 20:56 IST