PNB Fraud: Mehul Choksi breaks the ice
More than a week after the PNB scam, Nirav Modi’s uncle, Mehul Choksi finally broke silence. Claiming his innocence in a newsletter , he regretfully announced the freezing of his business forwarding the national scandal. In the same letter, he also asks his employees to seek for other career opportunities being unable to pay them their due salaries.
Choksi, who owns Gitanjali Gems, was allegedly accused of issuing illegal letters from PNB which he used to contract overseas loans from indian banks. The scandal was brought to limelight earlier this month, accusing him and Modi of defrauding Punjab National Bank of Rs 11,400 crore.
While various banks accounts and properties of the accused were seized, the investigations are still being carried out. Six Choki’s and Modi’s employees, as well as six bank employees were arrested. Having both fled the country before the criminal cases were lodged , Choksi’s and Modi’s passport have been suspended by the Ministry of External Affairs (MEA).