Published: Sun, February 18, 2018
Sport | By Wendy Sparks

PNB declares Gitanjali Gems as fraud entity, stares at huge provisions hit

PNB declares Gitanjali Gems as fraud entity, stares at huge provisions hit

The ED's move comes in response to two FIRs filed by the Punjab National Bank against Modi and his associates, for cheating it off over Rs 11,000 crore.

At 12:19 pm, the stock was down 19.94% or 9.35 points to 37.55 level on BSE. PC Jeweller shed over 6 percent intraday while SRS fell 4.2 percent and was the other stock to join the 52-week low club.

On a closing basis, scrips of PNB slipped by 2.10 per cent to Rs 125.65 per share, lower by Rs 2.70 from the previous close at Rs 128.35.

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Following the downtrend, the market capitalisation of the company was eroded by Rs 300 crore in the last three trading sessions.

Major jewellers Gitanjali, Ginni and Nakshatra have also come under the scanner of various investigating agencies following PNB 's declaration of Rs 11,400 crore fraud, committed allegedly by Nirav Modi.

Gitanjali Group said in an emailed statement on Wednesday that it had not had any "unauthorised" dealings with PNB or its officials.

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Gitanjali Gems, however, said that Choksi had retired as a partner from "Diamond R US" in 1999.

The Securities and Exchange Board of India (Sebi) and the stock exchanges have begun analysing the stock market trade details of all entities associated with Modi including Choksi, who has already been under scanner for various cases including a brokerage default incident, a senior official said. ICAI president Naveen N.D. Gupta told PTI it has taken suo motu (on its own) cognisance of the alleged fraud at PNB and its financial reporting review board (FRRB) has been advised to review PNB and Gitanjali Gems.

Yesterday, Enforcement Directorate said it has raided 17 premises across India belonging to Nirav Modi and the company, in connection with the $1.77bn Punjab National Bank fraud case.

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