The Mumbai wing of SFIO (Serious Fraud Investigation Office) has today, summoned CEO of ICICI Bank, Chanda Kocchar along with CEO of Axis Bank, Shikha Sharma to probe the role of their banks in extending the loan to the tune of Rs 5000 Crore to Mehul Choksi’s flagship company, Gitanjali Gems. The summons have been sent to both Chanda Kochhar and Shikha Sharma asking them to appear before the office, either in person of through an authorized representative.
ED and CBI are both investigating Choksi, Gitanjali Gems, and his group companies in PNB Fraud, also now known as Nirav Gate. However, SFIO has also started an investigation into the working capital loans that have been extended by other banks, to Mehul Choksi’s companies. Mehul Choksi has fled the country along with his family members and his whereabouts at the moment are unknown. However investigative agencies are now probing all the loans and facilities that have been extended to both Nirav Modi as well as Mehul Choksi’s companies and the level of Inter – Agency co-ordination and co-operation is also said to be possible.
31 banks are part of the consortium that has extended Rs 5280 Crores working capital facilities to Mehul Choksi’s companies. ICICI bank reportedly is the lead bank of the consortium. People familiar with the issue have also raised the possibility that other banks in the consortium will also be summoned by the SFIO.