He used his American colleague Samuels jeweler from lendersIt to be not only the National Bank of Punjab (PNB)
That's the victim of fraud.
Fugitive businessman Mehul Choksi and a joint International website
The conspirators used his American company, Samuels jeweller, and a range of puppet suppliers, including a psychologist, to fraudulently induce Samuels's main lender.
As a result, Wells Fargo and Gordon Brothers were manipulated and unknowingly authorized tens of millions of dollars in credit line advances, which were eventually delivered to Choksi outside the United States --
Bankruptcy courts in India, Dubai and Hong Kong --
The first phase report of the appointed examiner has been disclosed.
These findings clearly depict the United States-
Choksi and his followers, based on bank fraud, have been linked to the largest bank fraud in Indian history planned by Choksi's nephew Nirav Modi. Texas-
The Samuels jeweler, headquartered in bankruptcy proceedings in last August, has
Billions of dollars in scams involving fraudulent borrowing from Indian banks in a few years using a letter of commitment (LoUs)
Letters of credit abroad (FLCs).
A 30% owner, former chairman of Samuels and parent company Gitanjali group of company, Choksi, has now been charged by the Indian authorities in the so-called multi-billion-
USD fraud on PNB
In the case of Samuels and American lenders, Choksi and the International Cooperation Network
The conspirators create a false look, and Samuels is buying and/or selling jewelry to unrelated third partiesparties.
In fact, the examiner's report concluded that Samuels and related entities secretly sold inventory and money laundering under the guidance of Choksi and individuals under his control.
"These disguised transactions account for about $0. 121 billion in reported purchases and sales.
At least one of the main purposes of deception is to defraud Samuels's main lenders Wells Fargo and brother Gordon, authorizing tens of millions of dollars in credit line advances that are eventually delivered to Choksi-outside the United States-
Controlled entities in India, Dubai and Hong Kong . "
According to Carney's report.
Among the puppet suppliers hired by Choksi, the exclusive design direct company (EDD)
The records of Samuels as one of its largest independent inventory suppliers reflect this. ". . . in reality (it was)a one-
In a psychologist's office in Stirling Heights, Michigan, crowded companies have closed down.
Not shipped from this supplier and Choksi and his colleagues
The conspirators invoiced tens of millions of dollars on behalf of EDD and caused tens of millions of dollars to be transferred from Samuels's bank account to EDD.
Psychologists who control the EDD bank account are promised to pay 1% of the money for the laundering.
"Nearly 100% of these cleaned funds are traced back to entities controlled by Choksi," the report said . ".
Many Choksi entities are Hong Kong companies founded by Choksi and look like third parties that are not affiliated, but are made up of Gitanjali employees and from the offices of Gitanjali affiliates
In his investigation, the examiner also found that the allegedly independent jewelry grading laboratory was actually an entity that was secretly controlled by Choksi.
Qiaoxsi has 99 under the guise of an entity in the British Virgin Islands.
99% of the independent gem laboratory, Samuel's diamond grading company, which promotes to its customers, provides them with "independent" verification of the quality and value of the goods.
According to the report, the truth of the investigation into the allegations of bank fraud in India is beyond the scope of the examiner's allegations.
Nevertheless, the investigation shows credible evidence that is consistent both with the occurrence of the alleged fraud and with the involvement and assistance of Samuel jeweler in this fraud.
The examiner was able to track down the millions of dollars obtained from US lenders, which were transferred by Samuels through puppet suppliers to entities controlled by Choksi, and eventually repaid India's FLCs.
In addition, the evidence collected by the US examiner in the investigation confirmed that Choksi and the entities and individuals under his control affected the Samuels jeweler before the 11 th chapter of the proceedings.
-Value of disguised purchase and sale transactions-Shares of Mehul Choksi in Samuels jewelers-scale of PNB scams implemented by Nirav Modi and Mehul Choksi