Where’s your father, country waiting to give him red carpet: SC to Choksi’s son
In a scathing remark, the Supreme Court of India has dismissed a petition filed by Mehul Choksi’s son, asking him where his father is, and stating that the country is waiting to give him a red-carpet welcome. The petition was filed against the National Spot Exchange Limited’s (NSEL) decision to include Choksi’s son in a ₹937-crore recovery suit. The court’s comments were directed at Mehul Choksi, who is an accused in the Punjab National Bank (PNB) scam and is currently being pursued for extradition.
The PNB scam, which was uncovered in 2018, is one of the largest banking scams in Indian history, with an estimated loss of over ₹13,000 crore. Mehul Choksi, along with his nephew Nirav Modi, is accused of perpetrating the scam, which involved the use of fake letters of undertaking (LoUs) to obtain credit from overseas banks. Choksi has been living in Antigua and Barbuda since 2018, and has been resisting extradition efforts by the Indian government.
The Supreme Court’s remarks were made in response to a petition filed by Choksi’s son, who argued that he should not be included in the recovery suit filed by NSEL. The court, however, was unsympathetic to his plea, and instead asked him where his father was, and why he was not facing the law in India. “Where’s your respected father nowadays? The country is waiting to give him a red-carpet welcome,” the court said, in a clear indication of its frustration with Choksi’s continued absence from the country.
The court’s comments are a reflection of the widespread anger and frustration in India over the PNB scam, and the perception that those responsible for the scam have been able to escape justice. The Indian government has been criticized for its handling of the scam, and for its failure to bring Choksi and Modi to justice. The Supreme Court’s remarks are likely to add to the pressure on the government to take action against those responsible for the scam.
The PNB scam has had far-reaching consequences for the Indian banking system, and has led to a significant increase in scrutiny of banking practices and regulations. The scam has also highlighted the need for greater transparency and accountability in the banking sector, and has led to calls for stronger laws and regulations to prevent such scams in the future.
In addition to the PNB scam, Choksi is also facing charges in connection with the NSEL scam, which was uncovered in 2013. The NSEL scam involved the use of fake trades to obtain money from investors, and is estimated to have resulted in losses of over ₹5,000 crore. Choksi’s company, Gitanjali Gems, was one of the largest borrowers from NSEL, and is accused of perpetuating the scam.
The Supreme Court’s decision to dismiss Choksi’s son’s petition is a significant setback for the family, and is likely to have implications for their business interests. The court’s comments are also a clear indication of its determination to hold those responsible for the PNB scam accountable, and to ensure that they face justice.
In conclusion, the Supreme Court’s remarks to Choksi’s son are a reflection of the widespread anger and frustration in India over the PNB scam, and the perception that those responsible for the scam have been able to escape justice. The court’s decision to dismiss Choksi’s son’s petition is a significant setback for the family, and is likely to have implications for their business interests. The Indian government must take action to bring Choksi and others responsible for the scam to justice, and to ensure that such scams do not happen in the future.
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