3 Things Mehul Choksi's arrest, Indian students' visa revocation, and Nishikant Dubey row
Apr 21, 2025
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Mechanics of PNB Loan Fraud
- Mehul Choksi and Nirav Modi defrauded Punjab National Bank by misusing Letters of Undertaking to secure huge loans they never repaid.
- They connived with bank officials to keep renewing these letters with interest, causing the scam to amount to around 13,500 crore rupees.
Fake Diamonds Undermine Asset Recovery
- Investigation revealed most diamonds owned by Mehul Choksi under Gitanjali Gems brand were fake.
- Despite initial estimates of 5,000 crore recovered, real recovery is about 2,500 crore due to counterfeit assets.
Citizenship by Investment Aids Fugitive
- Mehul Choksi acquired Antigua citizenship through investment before the PNB scam was exposed.
- Small countries with investment citizenship programs can be refuge for fugitives evading Indian authorities.