The Central Bureau of Investigation (CBI) has registered a case on basis of a complaint from IFCI Limited against Mumbai based M/s. Gitanjali Gems Ltd & others including its director, valuers and unknown public servants/unknown others for causing an alleged loss of Rs. 22.06 crore (approx.) to IFCI Ltd.
The CBI sleuths conducted searchers into the case on Monday.
During the period of years 2014 to 2018, IFCI Ltd. allegedly relying on the representation, assurances & undertaking of the private company as well as its director and the value of the pledged jewels on the basis of valuation conducted by the valuers had disbursed the entire loan amount of Rs. 25.00 crore (approx.) on the basis of security cover of 02 times, pledge of shares, pledge of gold, diamond and gold CS studded jewellery.
It was further alleged the accused had started committing defaults in the repayment of loan installments and in order to recover the defaulted amount of the instalments, IFCI Ltd. invoked the pledge and the fresh valuation obtained by IFCI dropped the valuation of the pledged jewels by 90%.
Also it was alleged the director colluded with the valuers and got the valuation of the pledged jewels done with exorbitant & inflated value.
The diamonds were allegedly of low quality and not real gemstones.
The searches were conducted at around 08 premises of the accused Valuers in Mumbai and Kolkata which led to recovery of incriminating documents, the official note said.
The accused in the case are M/s. Gitanjali Gems Ltd., Mumbai (Maharashtra), M/s Gitanjali Gems. Ltd director Mehul Choksi, M/s. Surajmal Lallu Bhai & Co., Valuer, Mumbai (Maharashtra), Valuer Narendra Jhaveri, Valuer Pradip C. Shah.
Further investigation into the case is continued.
