Mehul Choksi cheated Punjab & Sind Bank of Rs 441 million

Times of India | Oct 12, 2019 at 12:38 PM
  • The public sector Punjab & Sind Bank (PSB) has revealed around Rs 441 million loan exposure to the absconding diamantaire Mehul Choksi, here on Saturday.
  • Choksi’s company, Gitanjali Gems Ltd, including its merged entity Gitanjali Exports Ltd, had availed the loan from the bank.
  • The latest development makes PSB the third prominent government-owned bank to reveal its exposure after Oriental Bank of Commerce came clean of loan defaults by Choksi and his nephew Nirav Modi totaling to around Rs 289 crore.