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...It claimed that the beneficiaries of the fraud were Modi — who in the preceding years had set up luxury boutiques in the world’s most prestigious retail locations — and his uncle, Mehul Choksi, the owner...
...Other alleged beneficiaries include Mr Modi’s uncle, Mehul Choksi, who has allegedly fled to Antigua, as well as certain other members of Mr Modi’s family....
...Choksi, who owns the Gitanjali Group, one of India’s largest mass-market jewellery chains....
...Where in the world are Indian jeweller Nirav Modi and his diamond-trading uncle, Mehul Choksi?...
...The foreign ministry said Friday that it had begun proceedings to revoke the passports of jewellers Nirav Modi, a diamantaire whose eponymous luxury boutiques span the globe, and his uncle Mehul Choksi,...
...But this February he went to ground after allegations broke that he and his uncle Mehul Choksi were among the main beneficiaries of an alleged fraud that cost the PNB $1.77bn....
...Choksi to receive cash advances from overseas branches of other Indian banks....
...Choksi, owner of Gitanjali Gems, one of India’s largest mass-market jewellery retailers....
...He and his uncle, diamond dealer Mehul Choksi, are sought by Indian authorities, which say the pair and their companies were among the beneficiaries of an alleged $1.77bn bank fraud that has shaken confidence...
...Shares in Gitanjali Gems, controlled by Mr Modi’s uncle and mentor Mehul Choksi — who was also named in PNB’s complaint on January 30 — fell by 20 per cent on Thursday....
...Choksi, also a high-profile jeweller....
...According to PNB, staff at one of its Mumbai branches issued fraudulent bank guarantees for luxury jeweller Nirav Modi, and his diamond-trader uncle Mehul Choksi, to take cash advances from the overseas...
...Choksi and their companies are alleged to have improperly obtained huge cash advances overseas....
...Mehul Choksi, chairman of Gitanjali Group, reported that on the evening of the announcement, his company sold in two hours what it would normally expect to on a busy day....
...Polishing capacity exceeds demand, says Mehul Choksi, chairman of Gitanjali. “There are too many of them.”...
...“We can’t rely on the government at all,” says Mehul Choksi, managing director of Gitanjali, a large listed jeweller....
...Mehul Choksi, managing director of Gitanjali Group, a large listed jeweller, estimates that the company’s gold business has halved in the past year....
...“If the whole trade is going to take part, we will take part too,” said Mehul Choksi, managing director of Gitanjali Group, who estimates that the company’s recent gold jewellery sales have dropped to 30...
...In the last few months, gold supplies have fallen by almost 85 per cent and another 15 per cent is said to be entering the country through grey channels, according to Mehul Choksi, managing director at Gitanjali...
...“The curbs have been so strong that in the last two months only 15 per cent of imports [compared with usual levels] have come in,” says Mehul Choksi, managing director of Gitanjali, a popular jeweller, where...
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