SEBI imposes fine of five crore on fugitive diamond trader

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<pre>SEBI imposes fine of five crore on fugitive diamond trader


Mumbai. The market regulator Securities and Exchange Board of India (Sebi) fined fugitive diamond trader Mehul Choksi, Gitanjali Gems and another person a total of Rs five crore. This fine has been imposed for violation of various rules, including the provisions of listing. Choksi is the maternal uncle of Nirav Modi and the promoter and managing director of Gitanjali James. Both are accused in a fraud of more than 14 thousand crore rupees with Punjab National Bank. Both have fled the country after the matter came to light.

Choksi is reportedly in Antigua these days while Nirav Modi is currently imprisoned in Britain and is facing extradition action. SEBI said in an order that Dhanesh Seth, executive director of Choksi, Gitanjali Gems and Gitanjali Gems, has been fined Rs five crore. SEBI said that this matter is serious and its seriousness cannot be ignored there. A British court extended the remand of fugitive diamond trader Nirav Modi by 24 March. It has challenged the case of extradition to India in connection with fraud and money laundering of nearly two billion dollars with Punjab National Bank in court.

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