Bigger India

Mehul Choksi Firm Samuels Jewelers Files For Bankruptcy in US

The fraud allegations with respect to its equity owner, Gitanjali, and Choksi have amplified the headwinds impacting Samuels Jewelers, according to court papers.

Samuels Jewelers, Inc, controlled by Mehul Choksi, has filed for Chapter 11 bankruptcy in the US. The company, with over $100 million in debt, claims that allegations of bank fraud against executives of Gitanjali Gems, its parent company in India, have damaged its business and worsened financial problems. Gitanjali Gems’s 2017 annual report lists Samuels as a 100% owned subsidiary. Choksi is the alleged mastermind of the $2 billion PNB fraud and uncle of Nirav Modi, who is also fugitive.

Read it at DNA

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