cbi: CBI books Choksi for Rs 22 crore IFCI swindle | India News

MUMBAI: The CBI has registered a fresh case against diamantaire Mehul Choksi and four government-authorised valuers for inflating values of pledged diamonds jewellery by around 95% while obtaining loans and thus causing Rs 22 crore loss to Industrial Finance Corporation of India Ltd or IFCI.
The CBI alleged Choksi, with dishonest and fraudulent intention, colluded with the valuers and got valuation of the pledged jewels done with exorbitant and inflated value.
In 2016, Choksi approached IFCI for a Rs 25 crore loan. As per the rules, the collateral should be worth twice the loan amount. Choksi pledged his shares in Gitanjali Gems, his personal guarantee, post-dated cheques and jewellery worth Rs 45 crore to meet the requirements.
Based on the valuers’ reports, IFCI disbursed Rs 25 crore loan to Choksi’s Gitanjali Gems.

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