Accused GNP scam says she is ready to join the probe through the video link
Mumbai, Aug. 22 () Sunil Varma, head of international business at Gitanjali Gems and indicted in the multimillion dollar scam, said Thursday to a special court that he is willing to join the investigation through a video link.
Varma, which is believed to be in the USA. In the US, he filed an application through his lawyer before the CBI V C Barde special judge, expressing his willingness to join the investigation.
According to CBI, Varma fled the country a few days before the GNP scam of Rs 14,000 million came to light in January last year.
Fugitive diamond merchants Mehul Choksi and Nirav Modi are the main defendants in the scam, which involves loan fraud and money laundering.
Varma is the head of international business of Gitanjali Gems, owned by Choksi, who is in the Caribbean nation of Antigua after fleeing India.
Choksi and his companies allegedly resorted to the credit of branches abroad of Indian banks using the fraudulent guarantees of GNP granted through letters of commitment (LoU) and letters of credit that were not repaid, representing a responsibility for the state lender.
A LoU is a guarantee granted by an issuing bank to Indian banks that have branches abroad to grant short-term credit to the applicant.
Varma allegedly played a key role in the execution of the LoUs that were obtained fraudulently.
Several government agencies, including the IWC, are investigating the GNP fraud, the largest bank scam in the country, and are making efforts to bring Nirav Modi and Choksi back to trial.
The matter will be heard on September 5. Nirav Modi, housed in a UK prison, is accused of being the main beneficiary of the fraudulent issuance of LoU as part of a conspiracy to defraud GNP and then launder the proceeds of crime. AVI RSY ABH ABH