The ED case against the accused was made out on the basis of a Hyderabad CBI Anti-Corruption Bureau FIR and chargesheet

The FIR copy revealed the company was sanctioned Rs 50 crore in 2009 for taking over the fund-based facilities of Rs 55.80 crore from ING Vysya Bank but it was not availed

Banking exposure dropped ₹4,400 crore to ₹65,700 crore over the year according to latest data issued by the Reserve Bank of India 

Runaway owner is believed to be hiding in Ras Al Khaimah and will be brought back soon according to SIT chief Ravikanthe Gowda 

The agency, which is probing the USD 2 billion alleged bank fraud said Choksi was “using several dummy companies” to rotate funds and to divert money for his personal use.

Parekh was last year arrested by CBI in connection of defrauding a consortium of banks led by State Bank of India, for non-payment of loan to the tune of Rs 2,672 crore.

The Enforcement Directorate today said it has seized over 34,000 pieces of jewellery worth Rs 85 crore from the Gitanjali Group, owned by diamantaire Mehul Choksi, in connection with the Rs 13,000-crore Punjab National Bank (PNBNSE 0.39 %) fraud case. 

Non-performing assets or bad loans in the banking sector are set to shoot up by at least Rs 8,000 crore as advances to the scam-hit Gitanjali Gems group have turned bad during the quarter ended March 31.

Kanishk Gold Pvt Ltd has been declared as fraud by bankers; SBI’s complaint copy insinuates that the company has defrauded 14 banks to the tune of Rs 842.15 Cr.

Myheera.com pledged 5 per cent of all memberships sold on Myheera.com to Jewellery Industry Reserve for Indian Craftsmen as an official support for craftsmen and workers of gems and jewellery industry.