United Bank Names Choksi, Gitanjali Gems as Wilful Defaulters

The Quint
PTI, Oct 03, 2019

State-run United Bank of India on Thursday, 3 October, issued a public notice declaring Gitanjali Gems and its fugitive owner Mehul Choksi as wilful defaulters and sent them notices seeking repayment of Rs 332 crore dues.
Diamantaires Choksi and his nephew Nirav Modi are the alleged kingpins behind the nation's biggest banking fraud, known as the PNB scam in February 2018. They had defrauded the State-run bank of over Rs 13,000 crore through the Brady House branch in south Mumbai between 2011 and 2017.
According to the public notice, United Bank has declared the company and Choksi as wilful defaulters effective from the June quarter.
The notice was issued after the company failed to repay the dues despite several notices by it, the bank said.
United Bank had sanctioned Rs 331.85 crore in credit limit to Choksi's firm, which was into jewellery manufacturing and export.
The bank had declared the account an NPA in March 2018.
Earlier this year, another State-run bank Oriental Bank of Commerce had declared Choksi and Modi as wilful defaulters.
In the June quarter, United Bank had reported a net profit of Rs 105 crore as against a net loss of Rs 388.68 crore as its gross NPAs improved to 15.89 percent from 22.73 percent, while net NPA nearly halved to 8.19 percent from 15.17 percent.

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