Mumbai court issues non-bailable warrant against Mehul Choksi in loan fraud case
The Hindu
Mehul Choksi arrested in Belgium for PNB fraud, facing extradition; non-bailable warrant issued in loan fraud case.
A court in Mumbai has issued a non-bailable warrant against diamantaire Mehul Choksi in the Canara Bank-led consortium loan fraud case involving about ₹55 crore.
Mr. Choksi, a prime accused in the multi-million dollar Punjab National Bank (PNB) “fraud”, was arrested in Belgium on April 12 following an extradition request by Indian probe agencies.
The non-bailable warrant against him was issued recently by Additional Chief Judicial Magistrate (Esplanade Court) R.B. Thakur.
The matter has been adjourned to June 2 for a report on the warrant.
The Central Bureau of Investigation (CBI) has alleged that the Canara Bank and the Bank of Maharashtra had sanctioned ₹30 crore and ₹25 crore, respectively, as working capital facilities under a consortium agreement to Bezel Jewellery.
The loan was granted for the manufacturing and sale of gold and diamond-studded jewellery, but the company allegedly did not use it for the intended purposes, according to the CBI.
The company did not repay the loan, causing a loss of ₹55.27 crore to the consortium, the agency has alleged.
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