Echo of Nirav Modi’s Punjab National Bank Scam: Mysuru jeweller too was cheated of Rs. 1 cr.

Case pending in City Court

Mysuru: The Rs. 11,300 crore Punjab National Bank (PNB) fraud has a Mysuru connection. A case is pending in a Mysuru Court where the Managing Director of Gitanjali Jewels Mehul Choksi, the business partner of PNB scam mastermind Nirav Modi, has been accused of cheating a city jeweller here.

Amit Kumar Madanlal, a jeweller in city was among several franchise owners of Gitanjali Jewels who was invited to invest in their firm in 2010.

Assuming that the Gitanjali brand name would help in the business, businessmen across the country invested anywhere between Rs. 5 crore and Rs. 25 crore each. As per the contract, they were assured monthly payments over their deposits and also supply of gold and diamonds.

Sources said that executives from Gitanjali Jewels convinced the franchisee owners that they would hold jewellery exhibitions, attracting customers and investors.

Speaking to Star of Mysore this morning, Amit Kumar Madanlal, one of the Directors of Kalash D Gold Jewels said that they had entered into an agreement with Gitanjali Jewels in 2010 to set up a franchisee in Mysuru. “It was a three-year contract and Rs. 5 crore was kept as a deposit with Gitanjali Jewels and the franchisee was set up. Upon the completion of the three-year contract period and as part of the settlement, Rs. 4 crore was paid to us and Gitanjali issued a cheque for the remaining money,” he said.

“In 2013, when I asked for my remaining money, a cheque (ICICI Bank) for Rs. 1 crore was issued to me. But when I went to encash it, the cheque bounced. My calls to the company went unanswered. Eventually, I filed a cheque bounce case (CC/0001528/2015,” he said.

This case now is in Mysuru before the Fourth Judicial Magistrate First Class (JMFC) Court where Choksi has been accused of dishonouring a cheque for Rs. 1 crore.

Originally, the case was filed in Mumbai against Gitanjali Jewels and its MD Mehul Choksi. As per the Supreme Court judgement, a cheque bounce case had to be filed at the place where the cheque had bounced, the case was transferred to Mysuru, he added.

“Cognisance was taken by Mumbai Court long ago. But  after the case was transferred to Mysuru Court, Mehul Choksi never appeared here but got bail. Later Choksi filed a revision petition against cognisance of the offence and the Mysuru Court allowed his petition. The Court has now set aside the cognisance taken against Gitanjali Jewels. Now we are waiting for a certified copy to approach the High Court. I have full confidence in judiciary and I hopefully will get my money or some form of justice with Choski being  punished” Amit Kumar said.

The post Echo of Nirav Modi’s Punjab National Bank Scam: Mysuru jeweller too was cheated of Rs. 1 cr. appeared first on Star of Mysore.


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