PNB ruined Gitanjali Gems to hide its misdeeds: Choksi

TIL Desk/Business/New Delhi/ Key accused in the PNB fraud case, Mehul Choksi on Thursday said the state-run Punjab National Bank intentionally “destroyed” Gitanjali Gems, the luxury brand owned by him, with an aim to hide its “own wrongdoings”. He said that the company should not have been taken for liquidation and kept afloat instead, even if he were to be found guilty.

“Gitanjali Gems was cynically destroyed by the PNB in a diabolical maneuver to divert attention from its own wrongdoings,” Choksi said in a statement. “As the authorities begin proceedings to liquidate Gitanjali Gems and related brands — Gili, Nakshatra and Asmi — to recover the dues of over Rs 12,558 crores Gitanjali owes to banks, an elaborate cover-up comes full-circle,” he added.

He said notwithstanding the company’s “strong” balance sheet, and a “stellar” track record of loan repayments, in February 2018, prompted by allegations by Punjab National Bank, which was looking to apportion blame for its own failure, investigating agencies raided and seized Gitanjali assets.