Even as Indian agencies struggle to clinch the extradition of fugitive businessman Mehul Choksi, what is the story behind the spectacular rise and fall of this diamantaire?

What made Gitanjali Gems slide from being the toast of the Indian stock market to a company riddled with debt, corruption and deceit. Choksi is facing criminal proceedings by both the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED). The CBI had first named Choksi and his firms, including Gitanjali Gems, along with others in 2018 based on a complaint received by the Punjab National Bank (PNB) for alleged issuance of fraudulent Letters of Undertaking in their favour causing losses to the bank.

Following that, the ED also filed a complaint alleging that Choksi and others were involved in money laundering the proceeds of crime in overseas accounts. Choksi has been booked under the Prevention of Money Laundering Act and other sections pertaining to cheating and criminal conspiracy.

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