Non-Bailable Warrant Against Mehul Choksi: A Mumbai court has issued a non-bailable warrant against diamond businessman Mehul Choksi in a Consortium loan fraud case led by Canara Bank. This includes a loan fraud case of about Rs 55 crore.
According to PTI, Mehul Choksi, the main accused in the millions of dollars of Punjab National Bank (PNB) fraud case, was arrested in Belgium on 12 April after an extradition request by Indian investigative agencies.
Recently, the court of Additional Chief Judicial Magistrate (Asplayed Court) RB Thakur issued a non-bailable warrant against him. The hearing of the case for the report on the warrant has been postponed till June 2.
The Central Bureau of Investigation (CBI) has alleged that Canara Bank and Bank of Maharashtra had sanctioned bezel jewelery under the Consortium Agreement as working capital facilities to Rs 30 crore and Rs 25 crore respectively.
According to the CBI, this loan was given for the manufacture and sale of gold and diamond -rooted jewelery, but the company did not allegedly use it for intended objectives. The agency has alleged that the company did not repay the loan, causing a loss of Rs 55.27 crore to the consortium.
Mehul Choksi and his nephew Nirav Modi are the main accused in the PNB fraud case of Rs 13,500 crore. Mehul Choksi is fighting for bail in a Belgian court, while Nirav Modi has been in a London jail since 2019.