• search

Now fraud by Gitanjali Gems in Karnataka bank reported

Subscribe to Oneindia News
For Quick Alerts
For Daily Alerts

    The Karnataka Bank Ltd has informed the Reserve Bank of India that Gitanjali Gems owned by Mehul Choksi had committed an Rs 86.47 crore fraud in the fund based working capital.

    Now fraud by Gitanjali Gems in Karnataka bank reported

    In a regulatory filing on the BSE, the bank said, " We have reported a fraud to the RBI amounting to 86.47 crores in the fund based working capital facilities extended to Gitanjali Gems Ltd on account of non-realisation of export bills and diversion of funds.

    "The working capital facilities were extended by the bank under consortium arrangement and provisions will be made as per the RBI guidelines," the bank's Company Secretary Prasanna Patil said in the filing.

    The bank, however, clarified it does not have any Letter of Understanding exposure in Choksi's company.

    OneIndia News

    For Breaking News from Oneindia
    Get instant news updates throughout the day.

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more