<p>India Central Bureau of Investigation(CBI) on Monday filed a case against Mehul Choksi who is wanted in the multi-billion dollar&nbsp;Punjab National Bank (PNB)&nbsp;fraud along with Nirav Modi.</p>

<p>The case involves Choksi allegedly inflating the value of diamonds and jewellery as the CBI reportedly booked Choksi and his company Gitanjali Gems including valuers Surajmal Lallu Bhai and Co, Narendra Jhaveri, Pradip C Shah and Shrenik Shah.</p>

<p><a href="https://www.wionews.com/india-news/fugitive-businessman-mehul-choksi-returns-to-antigua-after-dominica-court-lets-him-return-for-medical-treatment-398178">Also Read:&nbsp;Mehul Choksi returns to Antigua after Dominica court lets him return for medical treatment</a></p>

<p>Industrial Finance Corporation of India (IFCI) Ltd had alleged that Choksi had approached it seeking Rs 25 crore working capital loan as he pledged shares,&nbsp;gold and diamond jewellery.</p>

<p>The valuers at the time had said the jewellery was in the range of Rs 34-45 crore on the basis of which IFCI sanctioned the loan.</p>

<p><strong>Watch:&nbsp;India to Dominica court: Mehul Choksi is still an Indian citizen</strong></p>

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<p>However, after the&nbsp;company allegedly defaulted on payments as IFCI called in the shares and jewellery but it could sell 6,48,822 shares for just Rs 4,07 crore even as 20,60,054 shares were pledged but the client ID of Mehul Choksi was blocked by NSDL, according to the complaint.</p>

<p>The incident was recorded in the FIR. Choksi along with Nirav Modi has been accused by Indian authorities of siphoning off over billions from Punjab National Bank (PNB) using fraudulent letters of undertaking and foreign letters of credit.</p>

<p>(With inputs from Agencies)</p>

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India Central Bureau of Investigation(CBI) on Monday filed a case against Mehul Choksi who is wanted in the multi-billion dollar Punjab National Bank (PNB) fraud along with Nirav Modi.

India Central Bureau of Investigation(CBI) on Monday filed a case against Mehul Choksi who is wanted in the multi-billion dollar Punjab National Bank (PNB) fraud along with Nirav Modi. The case involves Choksi allegedly inflating the value of diamonds and jewellery as the CBI reportedly booked Choksi and his company Gitanjali Gems including valuers Surajmal Lallu Bhai and Co, Narendra Jhaveri, Pradip C Shah and Shrenik Shah. Also Read: Mehul Choksi returns to Antigua after Dominica court lets him return for medical treatment Industrial Finance Corporation of India (IFCI) Ltd had alleged that Choksi had approached it seeking Rs 25 crore working capital loan as he pledged shares, gold and diamond jewellery. The valuers at the time had said the jewellery was in the range of Rs 34-45 crore on the basis of which IFCI sanctioned the loan. Watch: India to Dominica court: Mehul Choksi is still an Indian citizen However, after the company allegedly defaulted on payments as IFCI called in the shares and jewellery but it could sell 6,48,822 shares for just Rs 4,07 crore even as 20,60,054 shares were pledged but the client ID of Mehul Choksi was blocked by NSDL, according to the complaint. The incident was recorded in the FIR. Choksi along with Nirav Modi has been accused by Indian authorities of siphoning off over billions from Punjab National Bank (PNB) using fraudulent letters of undertaking and foreign letters of credit. (With inputs from Agencies) Watch WION LIVE Here

CBI files another case against Mehul Choksi after raids

Extradition process against fugitive Mehul Choksi underway: Sources

<p>The Enforcement Directorate (ED) has recovered diamond and gold worth Rs 549 crore in raids that were conducted in about 35 new locations on Friday.&nbsp;</p>

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<p>A&nbsp;total of Rs 5649 crore have been recovered following raids by the ED since Thursday.&nbsp;</p>

<p>The raids were conducted spread across 11 states.&nbsp;</p>

<p>The ED has also directed&nbsp;<a href="http://www.wionews.com/india-news/passports-of-nirav-modi-mehul-choksi-suspended-mea-gives-one-week-to-respond-33087" target="_blank">Nirav Modi</a> that&nbsp;no sale&nbsp;or&nbsp;purchase should take place in showrooms&nbsp;in New York, London, Macau, and Beijing.&nbsp;</p>

<p>Also read: <a href="http://www.wionews.com/india-news/former-allahabad-bank-director-says-he-resigned-as-he-was-pressured-to-give-loan-to-gitanjali-gems-33085" target="_blank">Resigned as I was pressured to give loan to Gitanjali Gems: Former Allahabad Bank director</a></p>

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<p dir="ltr" lang="en">ED registered another case today against <a href="https://twitter.com/hashtag/NiravModi?src=hash&amp;ref_src=twsrc%5Etfw">#NiravModi</a>. 35 new locations were raided.Searches covering 11 states.Diamond and gold worth 549 crore seized today. Total 5649 crore.(Including yesterday&#39;s recovery) 29 immovable properties identified: ED Sources <a href="https://t.co/3RdwRJwZ2m">pic.twitter.com/3RdwRJwZ2m</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/964497281453056000?ref_src=twsrc%5Etfw">February 16, 2018</a></blockquote>
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<p>The ED also registered a new case in connection with the 11300 crore PNB scam.&nbsp;</p>

<p>The Punjab National Bank&nbsp;announced this week that it had discovered fraudulent transactions worth Rs 11,400 crore at a single branch in Mumbai.&nbsp;</p>

<p>It stated that Nirav Modi had carried out &ldquo;fraudulent transactions&rdquo; worth over Rs 11,400 crore by acquiring fake bank guarantees and showing it to other banks in order to extract more money.</p>


The ED has also directed ordered Nirav Modi that no sale or purchase should take place in showrooms in New York, London, Macau, and Beijing.

The Enforcement Directorate (ED) has recovered diamond and gold worth Rs 549 crore in raids that were conducted in about 35 new locations on Friday. × A total of Rs 5649 crore have been recovered following raids by the ED since Thursday. The raids were conducted spread across 11 states. The ED has also directed Nirav Modi that no sale or purchase should take place in showrooms in New York, London, Macau, and Beijing. Also read: Resigned as I was pressured to give loan to Gitanjali Gems: Former Allahabad Bank director ED registered another case today against #NiravModi. 35 new locations were raided.Searches covering 11 states.Diamond and gold worth 549 crore seized today. Total 5649 crore.(Including yesterday's recovery) 29 immovable properties identified: ED Sources pic.twitter.com/3RdwRJwZ2m — ANI (@ANI) February 16, 2018 × The ED also registered a new case in connection with the 11300 crore PNB scam. The Punjab National Bank announced this week that it had discovered fraudulent transactions worth Rs 11,400 crore at a single branch in Mumbai. It stated that Nirav Modi had carried out “fraudulent transactions” worth over Rs 11,400 crore by acquiring fake bank guarantees and showing it to other banks in order to extract more money.

PNB fraud: ED recovers total of Rs 5649 crore assets, raids 35 new locations