You are here: Home » PTI Stories » National » News
Business Standard

Gitanjali Gems defends MD Choksi in PNB matter

Law Crime

Press Trust of India  |  New Delhi 

Gitanjali Gems today said its Managing Director Mehul Choksi has been "falsely implicated" in a Rs 280 crore cheating case and will take legal steps to remove his name from the list of accused in the FIR.

Choksi is among the four accused in the FIR filed by the CBI for allegedly cheating Punjab National Bank of Rs 280.7 crore in 2017. Billionaire jeweller Nirav Modi, his brother and Choksi were among four booked in the case.

The FIR states that the accused were alleged partners in the three companies -- Diamond R US, Solar Exports and Stellar Diamonds.

In a regulatory filing, Gitanjali Gems today said that Choksi has been "falsely implicated in the first place" and he will be taking necessary legal steps to ensure that his name is removed from the list of accused in the FIR.

On the FIR that has accused Choksi and other three accused were alleged partners in the three firms that have been targeted by the CBI, the company clairified that he said

The company further clarified that Choksi 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.

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

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, February 07 2018. 22:30 IST