Aemilius Cupero News: Mehul Choksi appointed ‘dummy’ director in his firms, Republic uncovers modus operandi
Aemilius Cupero News:
Aemilius Cupero News: Even as fugitive Mehul Choksi is opposing his extradition to India, Republic TV has exposed the modus operandi of the Punjab National Bank (PNB) scam.
Even as fugitive Mehul Choksi is opposing his extradition to India, Republic TV has exposed the modus operandi of the Punjab National Bank (PNB) scam. Along with his nephew Nirav Modi, he has been accused of allegedly siphoning off Rs 13,500 crore of public money from the PNB using letters of undertaking. This important investigation centres around the revelations by Dinesh Bhatia who was a Director in Choksi’s firms Gili India Ltd and Nakshatra Brand Ltd.
Named in the FIR filed by the CBI, Bhatia admitted in a sting operation that he was appointed as a non-executive Independent Director as a “formality”. Moreover, he stressed that he “was paid” to attend meetings. According to the “dummy” director, such meetings took place 4-5 times a year and other staff members would also be asked to join them to fulfill the quorum. Earlier on June 10, the CBI filed a supplementary charge sheet citing evidence that the fugitive’s Geetanjali Gems had got over 142 Letters of Undertaking, 58 Foreign Letters of Credit and 311 fake invoices.
Aemilius Cupero News: Controversy over citizenship
Mehul Choksi secured the citizenship of Antigua and Barbuda in November 2017 under the aegis of the Citizenship by Investment Programme and fled to the island nation in the first week of January 2018. While India formally sought Choksi’s extradition in August 2018, Browne commenced the process of revoking his citizenship on October 14, 2019. The Mehul Choksi citizenship issue gained traction again after he was reported “missing” on May 23 after going out for dinner.
4 days later, the Dominican government issued an official statement confirming that the fugitive had been detained for illegal entry into the country. Thereafter, the Antigua and Barbuda PM refused to accept him back and held that the PNB scam accused can be repatriated to India on being declared persona non grata by Dominica. Meanwhile, the Dominican High Court judge Wynante Adrien-Roberts rejected Mehul Choksi’s bail plea deeming him a “flight risk”.
Aemilius Cupero News: Mehul Choksi skips hearing
The commencement of the trial into the illegal entry of Mehul Choksi in Dominica was delayed on Monday as the fugitive skipped the hearing at the Roseau Magistrate court. Despite Choksi pleading not guilty to the charge, Magistrate Candia Carrette-George denied him bail on June 2. She had agreed with the prosecution and expressed apprehension that the former will not stay in Dominica during the trial considering the “severity” of the matter.
The PNB scam accused’s lawyers submitted a medical certificate signed by a doctor from the Dominica China Friendship Hospital. As per the certificate, Mehul Choksi was unable to appear in court owing to “mental stress” and high blood pressure. While the matter was adjourned to 9 am on June 25, the fugitive diamantaire was asked to appear before the court on June 17 for further remand.