Mehul Choksi's Bank Fraud Network Exposed: SFIO Files Complaint in ₹13,000 Crore Scam
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In a significant development, the Serious Fraud Investigation Office (SFIO) has filed a complaint against fugitive businessman Mehul Choksi, his wife Priti Choksi, and several others in connection with a massive bank fraud case worth over ₹13,000 crore. The complaint, filed in a Mumbai court, names Choksi's companies, including Gitanjali Gems Ltd, Asmi Jewellery India Pvt Ltd, and Gili India Limited, as well as former ICICI Bank CEO Chanda Kochhar and Punjab National Bank officers who allegedly helped Choksi cheat the banks. The SFIO probe, which began in February 2018, found that Choksi's companies had created a complex web of financial irregularities, including shell companies and foreign links, to divert funds and cheat the banks. The complaint details the alleged roles of various accused, including Choksi's wife and former bank officers, in helping him create a fortune before fleeing India in 2017. Choksi's lawyer has disputed the complaint, saying it is not a charge sheet and that his clients cannot be termed as accused without being given an opportunity to hear. However, Indian investigators have accused Choksi of defrauding banks to the tune of ₹13,000 crore between 2018 and 2022. The SFIO charges can also be used against Choksi in the ongoing extradition proceedings before the Belgian courts. The extradition has been sought under various sections of the Indian Penal Code and the Prevention of Corruption Act, which are crimes in Belgium as well under the dual criminality clause of the extradition treaty.
