WATCH: Insider Exposes Full Intricacies Of Nirav Modi And Mehul Choksi's Global Diamond Round-tripping Operation

General News

Speaking to Republic TV's Prema Sridevi, the insider shared full details of how the same diamonds were moved across global capitals through shell firms to secure massive loans

Written By Ankit Prasad | Mumbai | Updated On:

Over the course of Republic TV's investigation into the Nirav Modi-Mehul Choksi alleged Bank fraud which resulted in a deep throat revealing the Alpha Files, an account of how the current Letter of Undertaking (LoU) scam is just the tip of the iceberg, an insider source, Santosh Srivastav, former Gitanjali Gems President and MD, also shed light on a massive international diamond round-tripping operation allegedly run by Mehul Choksi and his nephew Nirav Modi.

Speaking to Republic TV's Prema Sridevi, the insider shared full details of how the same diamonds were allegedly moved across global capitals through shell firms to secure massive loans. 

Here are the key highlights from Choksi’s alleged Diamond Round-Tripping scam, as claimed by his former Managing Director:

 

  • Mehul Choksi allegedly indulged in the round tripping of diamonds which means that one diamond essentially went from country to country so that Choksi gathered the inflated and fabricated bills before it was bought back by him in India
  • The diamonds were allegedly moved across global capitals through shell firms to make a case for higher loans from banks
  • Mehul Choksi could have been round tripping globally to overvalue the diamond stocks that he had
  • Srivastav also alleges that tags were changed and fake bills were secured to ensure that Choksi’s books looked clean. As per the claims made by Srivastav, Mehul Choksi could have been using fake bills to the tune of a staggering Rs. 1200 crores for diamonds worth Rs. 300 crores
  • Mehul Choksi was allegedly intimated prior to IT raids on the premise of his company
  • Mehul Choksi allegedly had “connections” and was known as the “bada aadmi” (big man) not to “take panga with” (mess with), as per Srivastav.

Watch Republic TV's Prema Sridevi speak to the insider, a former President at Gitanjali Gems, as he explains the intricacies of Mehul Choksi's scam in the video above.

Earlier on Monday, Republic TV’s Alpha Files investigation revealed the alleged fake diamond scam that Choksi was said to be running. Get all the details on the fake diamond scam here.

Earlier, the Alpha Files had expanded the scale, size and scope of the Mehul Choksi-Nirav Modi scam and how despite a court order, the Police in Karnataka went slow on Mehul Choksi. On Monday, PNB's auditors went on record for the first time, revealing they'd flagged fraud diamond czars to the bank a number of years ago.

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