Fugitive Choksi Now Accused of Lab-Grown Fraud

July 21, 2020 / www.idexonline.com / Article Link

(IDEX Online) -  Fugitive Indian jeweler Mehul Choksi is facing new charges, that he sold lab-grown diamonds, claiming they were mined.He is already a key suspect, along with his nephew Nirav Modi, in an alleged $1.85bn fraud against the Punjab National Bank (PNB).New charges brought by India's Enforcement Directorate (ED) detail claims that he cheated top executives in India, Dubai, Hong Kong and the USA, with diamonds produced under his personal supervision at a factory in Surat.They appeared similar in size, quality and color when compared to natural diamonds, says the charge sheet.The ED is hoping the extra charges will strengthen the case for Choksi to be extradited from the West Indies island of Antigua and Barbuda, where he is now a citizen, so that he can stand trial. Mr Choksi, 61, (pictured) who owned the now-defunct 4,000-store  Gitanjali Group of retail jewelers, has indicated that he left India to undergo heart bypass surgery, rather than to avoid prosecution.His nephew Nirav Modi, 49, former owner of Firestar Diamond, with a fortune estimated by Forbes at $1.4bn, faces extradition from Britain in connection with the alleged PNB fraud.  He was arrested in London in March 2019 after he was made the subject of an Interpol Red Notice.He is alleged to have persuaded corrupt bank workers to approve low-rate loans for importing foreign goods, which he then used to pay off debts. 

Recent News

Gold stocks outpace flat large caps

January 19, 2026 / www.canadianminingreport.com

TSXV gold producers' output growth for Q4/25 mixed

January 19, 2026 / www.canadianminingreport.com

Rising metals price volatility over past month

January 12, 2026 / www.canadianminingreport.com

Gold stocks surge ahead of equities on metal price gain

January 12, 2026 / www.canadianminingreport.com

Base metals outlook for 2026 opaque after decent rise last year

January 07, 2026 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok