Diamantaire Jatin Mehta's Alleged Rs 82.55 Crore Bank Fraud

The CBI clears Bank of India officials of wrongdoing in a Rs 82.55 crore fraud led by fugitive diamantaire Jatin Mehta, who allegedly siphoned Rs 4600 crore from various banks. The agency will file charges against Mehta, believed to be in London, and his accomplices under the Indian Penal Code.

The Central Bureau of Investigation (CBI) has exonerated Bank of India (BoI) officials from involvement in a Rs 82.55 crore fraud allegedly orchestrated by the fugitive diamantaire Jatin Mehta, who is accused of defrauding multiple banks of around Rs 4600 crore.

Officials revealed that no BoI staff were found guilty of corrupt practices in Mehta's scheme with his company, Winsome Diamonds & Jewellery Limited. The CBI is preparing to file charges against Mehta, assumed to be in London, and his partners under the Indian Penal Code.

The CBIs findings indicate there is no evidence under the Prevention of Corruption Act against any public servant. The investigation began in 2019 with accusations that Mehta and unidentified bank officers conspired to defraud BoI through Standby Letters of Credit issued to overseas banks.

(With inputs from agencies.)