CBI registers fresh case against Choksi

The Central Bureau of Investigation (CBI) has filed a fresh case against fugitive diamantaire Mehul Choksi, his firm Gitanjali Gems Ltd (GGL) and others for allegedly cheating government entity Industrial Finance Corporation of India Ltd (IFCI) of ₹22.6 crore between 2014 and 2018 by inflating the value of jewellery and precious stones pledged to procure a loan of ₹25 crore. In its FIR filed on Saturday, the CBI said Choksi approached IFCI Ltd seeking financial assistance for long-term working capital requirement and induced the financial institution to sanction a corporate loan of ₹25 crore in March 2016. The IFCI Ltd, according to the FIR, relied on the representation, assurances and undertakings of GGL as well as Choksi and the value of the pledged jewels on the basis of valuation conducted by valuers Surajrmal Lallu Bhai and Company, Narendra Jhaveri, Pradip Shah and Shrenik Shah.