QBiz: SEBI Slaps Rs 5 Cr Fine on Choksi; RBI's Inflation Concern
1. PNB Fraud Case: SEBI Slaps Penalty of Rs 5 Crore on Mehul Choksi, Others
The Securities and Exchange Board of India (SEBI) on Thursday, 27 February slapped a penalty of ₹5 crore on Gitanjali Gems Ltd and its promoter Mehul Choksi. This penalty is with regards to non-disclosures by the company with respect to the Punjab National Bank fraud.
The state-owned bank was allegedly defrauded to the tune of ₹14,356 crore by Nirav Modi and Mehul Choksi, through his companies including Gitanjali, by issuance of fake Letter of Undertakings (LoUs).