Bussinessman duped in Diamond scam

     Written by : SMTV24x7 | Mon, Feb 19, 2018, 04:29 PM

Bussinessman  duped in Diamond scam

New Delhi Feb 19: A Bigger scam has been identified in recent days and the Massive default of loan of Rs 11400 Cr by Jeweler Nirav Modi to Punjab National bank has shaken the nation. Currently, many agencies are investigating the case.

The case is becoming bigger as not only PSB Banks were duped but nearly 24 companies and 18 businessmen, who had taken franchise of their jewelry brand between 2013 and 2017 . The Businessman and Franchise have filed criminal complaints of financial bankruptcy due to breach and fraud committed by the Nirav Modi and Mehul Choksi .

Sources said that "these businessmen and firms had opened franchise showrooms of Choksi-owned Gitanjali Jewellery and Gili in Delhi, Agra, Meerut, Bengaluru, Mysuru, Karnal, parts of Gujarat and Rajasthan."

In the FIR the cases dealing with criminal conspiracy, fraud, and violation of the agreement by Choksi's firms to send stocks of diamond and precious gems, despite taking security deposits between Rs 3 crore and Rs 20 crore from franchisees.