After PNB scam, Mehul Choksi defaulted on Rs 1.21 billion to J&K Bank

ED searched Gitanjali Gems showroom in Udhampur district of Jammu last week and seized gold jewellery and diamonds worth Rs 25 million

Punjab National Bank, it seems, isn't the only lender that has been left high and dry by Nirav Modi and Mehul Choksi. The Jammu and Kashmir Bank has reportedly said that Choksi, currently out of the country, defaulted on a Rs 1.21-billion loan. 

According to an Economic Times report, a senior official of the bank said the loan amount of Rs 1.21 billion, which has now risen to Rs 1.5 billion including interest, was provided to Gitanjali Gems by the bank's Mumbai branch.

While raids were conducted at Choksi's premises last week, the Enforcement Directorate (ED) also searched