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Absconding Diamantaire Mehul Choksi Cheated Punjab & Sind Bank of Rs 44 Crore

Punjab & Sind Bank (PSB) issued a notice against the absconding diamantaire Mehul Choksi in a Rs 44 Crore loan case. The bank proclaimed Choksi as a "willful defaulter". This is the 1st instance when the 111-year-old bank has openly accepted that Choksi is a defaulter in the loan case. Choksi, who has now settled in Antigua & Barbados, the West Indies, availed the loan in the name of his company Gitanjali Gems Ltd.