Gitanjali Gems defrauds Karnataka Bank of â¹86.5 crore
Karnataka Bank has informed RBI about a fraud amounting to â¹86.47 crore related to extension of fund-based working capital facilities to fraud-accused jeweller Mehul Choksi's Gitanjali Gems. The bank said that fraud occurred due to non-realisation of export bills and diversion of funds. However, the bank said that it didn't have any Letter of Undertaking (LoU) exposure in Gitanjali Gems.