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PRESS RELEASE Feb PRESS RELEASE Feb. 15, 2018 Randeep Singh Surjewala, Media Incharge, AICC; Shaktisinh Gohil, Spokesperson, AICC and Pawan Khera have issued the following statement to the press today:- 1. Post-escape of ‘Lalit Modi’ i.e. ‘Chhota Modi’ and ‘Vijay Mallya’, another ‘#Modi Scam’ has hit India’s banking sector the hardest. First, Lalit Modi escaped India. Vijya Mallya escaped India. ABG’s Rishi Agarwal escaped India. Now, we are told that ‘Nirav Modi’ has also escaped India. A complaint was filed to PMO about the entire fraud being perpetuated as early as on 26th July, 2016. Yet, no action was taken either by PMO or any other authority. Bank lost the money and the accused escaped. ‘Loot & Escape” has become the hallmark of Modi Government. 2. India’s biggest ‘bank loot scam’ stands exposed involving over 30 banks, including Punjab National Bank, Allahabad Bank, Axis Bank, State Bank of India, Union Bank of India, Bank of Baroda, Indian Oversees Bank, Corporation Bank, Andhra Bank, Vijaya Bank, Canara Bank, ICICI Bank, IDBI Bank, Export Import Bank of India. Under Modi Government, entire Banking Sector’s ‘Risk Management System’, ‘Fraud Detection Ability’ and the ‘Regulatory Mechanism’ have been severally compromised. 3. News reports have unveiled as to how the duo of Nirav Modi – Mehul Choksi along with other family members have duped Punjab National Bank and other banks by getting issued ‘Letters of Understandings’ (LoUs) for siphoning of funds without any commensurate credit guarantees, thereby defrauding the entire system. Complaint dated 29th January, 2018 (annexed herewith as Annexure A-1) by PNB to CBI itself reflects as to how from 9th February to 14th February, 2017; eight LoUs worth crores of rupees were issued. On 14th February, 201 7; Punjab National Bank had reported this quantum of loss to be US$ 1771.69 million or Rs.11,400 crore approximately to SEBI (Annexure A-2). What the Modi Government has not told us is that there is also an exposure of Rs.9,872 crore of various banks with Gitanjali Gems Limited, a company promoted by Shri Mehul Choksi. Please see Annexure A-3. Entire system was bypassed. All regulatory mechanisms broke down. Everything escaped the eyes of auditors and investigators. ‘Risk Management’ and ‘Fraud Detection Ability’ came to a naught. Yet, the Modi Government would have us believe that this entire fraud was being perpetrated by two employees. 4. Prime Minister, Shri Narendra Modi was made aware of this entire fraud by one Shri Hari Prasad by way of a written complaint filed on 26th July, 2016 and acknowledged by PMO. A copy of the complaint is attached as Annexure A-4. Multiple documents, including a list of 42 FIRs that were pending, were also in the knowledge of the Prime Minister. A list of these 42 FIRs is attached as Annexure A-5. Despite all this, Nirav Modi traveled in the business delegation to Davos in January, 2018 with the Prime Minister, Shri Narendra Modi. Please see photographs as Annexure A-6. Questions 1. How did Nirav Modi/Mehul Choksi dupe the entire banking system through forged Letters of Understanding under the nose of Modi Government? Who is responsible for the biggest ‘Bank Loot Scam’? 2. Why did Prime Minister not take any action to protect the interests of the banking sector despite a written complaint having been received and acknowledged on 26th July, 2016? Why were all the authorities, including Finance Ministry, its financial intelligence units and all other authorities sleeping on their job? 3. DGM of Zonal Office, PNB had written to Joint Director, CBI on 29th January, 2018 (Annexure A-1) requesting the CBI for a look out notice against Nirav Modi, so that he does not leave the country. Despite all this, how was Nirav Modi permitted to escape the clutches of law and leave the country? 4. How was the entire system bypassed? How did the fraud escape the eyes of all the auditors and investigators? Does it not point to active complicity at the highest level? Who is protecting Nirav Modi/Mehul Choksi? 5. How did the entire Banking Sector’s ‘Risk Management System’ and ‘Fraud Detection Ability’ came to a naught? From: Hari Prasad Sent: 29 Jul, 2016 12:48 PM To: [email protected] Subject: Complaints lodged at PMO and CIC against Gitanjali Gems Ltd- Mumbai an Its MD Mr Mehul C Choksi Ref: HP/2907 Dtd: 29/7/16. To PGO 100, Everest, Marine Drive Mumbai. This has reference to the grievance forwarded to your office from PMO as under: We are awaiting to know the action taken by you with regards to this complaint as it needs to be done immediately before it become too late and the accused flee from the country like Vijay Malaya of Kingfisher group. Kindly revert asap. Thank you Hari prasad 09845033564 [email protected] Registration : PMOPG/E/2016/0261955 Number Name Of : Hari Prasad SV Complainant Date of : 26 Jul 2016 Receipt Received by : Prime Ministers Office Forwarded to : ROC Maharashtra Officer name : PGO Officer : PGO Designation Contact : 100, Everest, Marine Drive Address Mumbai 400002 Contact : 22812627 Number e-mail : [email protected] Grievance : Respected Sir, I would like to bring to your notice a major financial Description scam similar to that of Mr Vijay Mallya of King fisher group from Bangalore, Subrata Roy of Sahara group-Calcutta or Ramalingaraju of Satyam group-Hyderabad. This scam and fraud done by the person/company based in Mumbai involving loss of Rs 1000s of crores of Indian Public money which is under way by. Details of the Fraudster. Person: Mr Mehul C. Choksi, Chairman and Managing director. Company: M/S Gitanjali Gems Limited. Regd. Office: A-1, 7th Floor, Lakshmi Tower, Bandra Kurla Complex, Bandra East. Mumbai 4000051. India. Ph: 91-22-40354600 BSE Scrip Code: 532715. CIN/FCRN/LLPIN: L3691 1MH 1986PLC 040689 (1) Enclosed herewith PDF of the copy of the Complaints by Various franchisee victims against M/S Gitanjali Gems Ltd Mr. Mehul Choksi and its various subsidiary/sister companies made to various regulators but no action has been taken by any one of them till now. This company is involved in Syphoning out of Rs 1000s of crores of Indian public money through various subsidiary companies floated in India and fictitious companies abroad. All details are attached in the pdf enclosed. Kindly look into this and do needful before it is too late and he will escape from country like that of Mr Vijay Mallya of Kingfisher group. Thanks you. Hari prasad [email protected] Date of : 29 Jul 2016 Action Dear Sir, I would like to bring to your notice a major financial scam similar to that of Mr Vijay Mallya of King fisher group from Bangalore, Subrata Roy of Sahara group-Calcutta or Ramalingaraju of Satyam group-Hyderabad. This scam and fraud done by the person/company based in Mumbai involving loss of Rs 1000s of crores of Indian Public money which is under way by.. Details of the Fraudster. Person: Mr Mehul C. Choksi, Chairman and Managing director. Company: M/S Gitanjali Gems Limited. Regd. Office: A-1, 7th Floor, Lakshmi Tower, Bandra Kurla Complex, Bandra East. Mumbai 4000051. India. Ph: 91-22-40354600 BSE Scrip Code: 532715. CIN/FCRN/LLPIN: L3691 1MH 1986PLC 040689 (1) Enclosed herewith PDF of the copy of the Complaints by Various franchisee victims against M/S Gitanjali Gems Ltd & Mr. Mehul Choksi and its various subsidiary/sister companies made to various regulators but no action has been taken by any one of them till now. Having failed to get the attention of any serious investigating authority, We have finally come to your door for justice. (2) This person has siphoned out thousands of cores out of India. Details as explained in the pdf document attached. a) As stated in their annual report AM 14/15. There are lot of deficiencies in the balance sheets. b) List of 31 Banks extending Loans to this group.(Pls refer to the Page-4) This company has taken huge loans to the tune of almost Rs 9872.0 crores with meagre assets of just Rs 25-30 Crores and definitely going to become NPA soon. Someone need to investigate the credit report of this group with these banks. c) Tax liabilities are increasing year by year. This company is not paying Tax dues to Income tax authorities consistently from 2006 onwards which is running into thousands of crores.. (refer to Page 66, 67, 83, 84, 85 n 88 ) This means chances of him defaulting on payment are increasing by the year. d) Consolidated balance sheet (page Nos 109 to 112) which says that.. his tangible assets are very very small. while large portion of it is shown as inventories and trade receivable which are manipulated n inflated figures. and loans are to the tune of 9700 crores.. Based on this kind of apparently fictitious balance sheet, any one with basic financial knowledge can understand there is something fishy with this company and its activities. He could have managed the banks by some means. e) Pls also look at page 141 & 142 where in you can see that most of the Indian subsidiaries are in Losses and foreign subsidiaries are in profit. f) Which is quite contrary to the economic situation of the west.. West is still in recession and India is growing at 7-8%.. IN such a scenario.. how cum .. his foreign companies are profitable and Indian companies are in loss. Assumable Choksi has siphoned out India money abroad. This deserves a detailed and thorough investigation by technical experts.
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