New Delhi, February 24: Mehul Choksi, the owner of Gitanjali Gems on Saturday wrote a letter to his employees expressing his ‘helplessness’ over the escalating tensions in connection with the Nirav Modi-led Punjab National Bank (PNB) scam. In a letter to his employees, the Gitanjali owner suggested to employees to look for jobs elsewhere as his company is not in a position to pay current and future dues. "In view of the uncertainty looming overpayment of dues, termination of office operations, and “unfair investigation”, they begin scouting for alternate career options", Choksi said. He further said that that he would be unable to clear their dues in lieu of the ongoing probe in the 1.77-billion-dollar fraud.

In a communication to over 3,500 employees, Choksi said it would be “very tough” to clear dues of his employees or pay future salaries, as investigative agencies had seized his bank accounts and other properties, adding that the manner of investigation was starting to create havoc, and was hell-bent on stopping the operations. "I will face my destiny and I know I have done nothing wrong and ultimately the truth shall prevail", he added.

To recall, the Income Tax (IT) Department on Thursday attached the special economic zone (SEZ) property of Mehul Choksi’s Gitanjali Group in Hyderabad. As per the assessee’s own valuation, the property is worth about Rs 1200 crore. Meanwhile, the ED on Friday froze assets of Nirav Modi worth Rs. 43.86 crore.

Choksi’s letter that was issued by his advocate, Sanjay Abbott highlighting the “situation of fear and injustice” created against him and the company. The top businessman also clarified that laptops, mobile phones issued by the organisation can remain with employees until dues were cleared, adding that relieving letters and experience certificates would be issued to them when necessary.

As per reports by ANI, Choksi also maintained his stance of being falsely accused of defrauding PNB and assured that employee dues would be cleared once justice is served and the situation returns to normalcy. In his letter, he also expressed his fear of safety for himself and his family on account of the ongoing “unfair treatment, investigation, media frenzy and political statements”, and alleged that the probe was being done to create a fear psychosis in the minds of employees.

Punjab National Bank (PNB), the second-biggest state-run lender, stunned India’s financial sector when it announced this week it had discovered fraudulent transactions worth $1.77 billion (Rs 11,400-crore) at a single branch in Mumbai.

To recall, PNB which is the second-biggest state-run lender shook India’s financial sector when it announced that it had discovered fraudulent transactions worth $1.77 billion (Rs 11,400-crore)at a single branch in Mumbai. Noted jewellery designer Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders. Choksi, Modi’s uncle, is also being probed for his involvement in the fraud. Soon after the case was registered, the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) have swung into action.

As per reports, the bank has lodged two financial fraud complaints of Rs 11400 crore and Rs 280 crore against Nirav Modi, his family members and the owner of Gitanjali Gems.

(The above story first appeared on LatestLY on Feb 24, 2018 11:39 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).