Skip to content
Search
Please enter at least 3 characters.

Latest Stories

PNB scam: Mehul Choksi does not want to return to India due to mob lynching trend

Billionaire jeweler Nirav Modi's uncle Mehul Choksi, who is a key accused in the multi-crore Punjab National Bank (PNB) scam, has expressed his reluctance to return to India saying he's scared of the current mob lynching trend in the country.

Choksi wrote to a special CBI court on Wednesday requesting the cancellation of a non-bailable warrant issued against him.


“It is most respectfully submitted that there have been various reported cases of mob lynching and one of the cases was in relation to an accused who was mob lynched while being inside a jail. This recent trend of mob lynching is growing and is attempting to giving justice on the road by the general public, and subsequently there is no prosecution because of non-identification of a particular individual is giving rise to the said tendency (sic),” his plea said.

Choksi said there were many threats to his life and hence his reluctance to reveal his current location. A number of people, including his previous employees, have grievances against him, said Choksi.

The salaries of Choksi's existing employees have not been paid due to freezing of his accounts and they might have a reason to hurt him, believes Choksi. He also sees families of employees who have been arrested and customers whose jewellery has been taken away as threats to his life.

Modi and Choksi are among the main accused in the fraud case pegged at over Rs 13,400 crore. Nearly half-a-dozen cases related to the bank fraud have been registered against them, and the duo left the country even before cases were lodged against them in February.

Last week, India's foreign ministry asked UK, France and Belgium to help track down fugitive jeweler Modi and to restrict his movements. According to some reports, Modi is currently in the UK and he is believed to have sought political asylum.

More For You

JLR-Tata-Getty

JLR had initially planned to manufacture more than 70,000 electric vehicles at the facility. (Photo: Getty Images)

JLR halts plan to build EVs at Tata’s India plant: Report

JAGUAR LAND ROVER (JLR) has put on hold plans to manufacture electric vehicles at Tata Motors’ upcoming £775 million factory in southern India, according to a news report.

The decision was influenced by challenges in balancing price and quality for locally sourced EV components, three of the sources said. They added that slowing demand for electric vehicles was also a factor.

Keep ReadingShow less
Government to abolish payments regulator to boost growth

Keir Starmer (R) and Rachel Reeves host an investment roundtable discussion with members of the BlackRock executive board at 10 Downing Street on November 21, 2024 in London, England. (Photo by Frank Augstein - WPA Pool/Getty Images)

Government to abolish payments regulator to boost growth

PAYMENTS REGULATOR will be abolished and its remit absorbed by another financial regulator, the government said on Tuesday (11), as it aims to cut red tape in favour of growth.

The Payment Systems Regulator (PSR), which oversees systems including MasterCard and bank transfers, tackles problems such as fraud, excessive fees and lack of competition among banks and payment providers.

Keep ReadingShow less
Boohoo

Boohoo’s shares, which have fallen by about 20 per cent this year, dropped 4 per cent on Tuesday. (Photo: Getty Images)

Boohoo rebrands as Debenhams after 21 per cent sales drop

BOOHOO has rebranded itself as Debenhams Group after sales from its young fashion brands, including Boohoo, MAN, and PrettyLittleThing, declined by 21 per cent to £947 million.

The move comes amid strong competition from Shein and a shift towards second-hand clothing among younger shoppers, The Guardian reported.

Keep ReadingShow less