World
India
In a very revealing interview with NewsX, one of the earliest victims of Mehul Choksi’s fraudulent empire, Hariprasad SV, revealed how he himself fell prey to a glittering scam that turned out to be a sordid trap. The ordeal began much earlier, in 2011-2012, when Hariprasad, an entrepreneur from Bangalore, was a partner of Choksi under the brand name Gitanjali Gems.
He recalled setting up a diamond showroom as part of a franchise arrangement. But within a year, things started to unravel.
“Within one year of operation, we came to know that it’s a Ponzi scheme. He’s just defrauding people in the name of this franchisee business,” Hariprasad said.
Realizing the deceit, Hariprasad shut down the showroom and immediately took legal action. He filed a case that later resulted in an arrest warrant for Choksi, and the case was subsequently transferred to the Central Crime Branch (CCB) in Bangalore.
“More Than 100 People Were Cheated”—A Bigger Scam Unfolds
As the investigation progressed, Hariprasad began uncovering something much larger than his own loss. The fraudulent pattern wasn’t isolated—many others had been duped as well.
“This guy not only defrauded us; he defrauded many people in the industry—maybe to the tune of almost 100 people,” he said.
He has taken his findings to different investigative agencies to make formal complaints describing the defrauding activities of Choksi with the banks, such as suspicious loans and non-existing inventories. They remained quite silent in their response.
“I informed the agencies… but unfortunately nobody took action against him. And finally, when the Punjab National Bank scam erupted, everything came into the open,” he explained.
“No One Reached Out”—Legal Victories That Meant Nothing
Despite taking his fight to court and even winning an arbitration case against Choksi in Bombay, Hariprasad said justice remained elusive. By the time the arbitration award came through, Choksi had already fled the country.
“Neither Choksi nor his team got in touch with me, nor did any agencies… I had also run an arbitration case against Choksi in Bombay. That arbitration case I won… but by the time the arbitration award had been given, Choksi had already fled.”
“He Won’t Come Back Easily”—Skepticism Over Extradition
With Choksi’s recent arrest in Belgium at the request of the Central Bureau of Investigation (CBI), there’s renewed hope among victims—but Hariprasad remains cautious.
“Getting him arrested is also difficult, but once it is done, do you think he’s going to let go of his legal options so easily and come back to India and give away all the money? I don’t think so.”
He believes Choksi will use his considerable wealth to drag out legal proceedings and avoid extradition.
“He has a fat wallet and he can employ the best of lawyers in the world. He will obviously try to avoid extradition or a jail term.”
“Focus Should Be on the Money, Not Just the Man”
For Hariprasad, simply bringing Choksi back to India isn’t enough—he wants the stolen money returned as well.
“India has already lost about ₹30,000 crores. People like me have lost about ₹200 crores. Just bringing him back means nothing. You have to be able to bring the money back.”
He urged authorities to focus on asset recovery and not just the manhunt. “His money should also be brought back to India. How they will do it, the agencies know better. I don’t have a good idea about the processes they will have to follow.”
“He Will Fight Tooth and Nail”—The Legal Battle Ahead
When asked about the biggest challenge Indian agencies might face now, Hariprasad didn’t mince words. He pointed out Choksi’s experience in manipulating legal systems and the deep pockets that allow him to do so. “Choksi knows how to fight legal cases and he has a fat wallet. Obviously, he will spend every possible amount and fight tooth and nail to escape from the clutches.”
Hariprasad emphasized that the outcome will depend on the strength of India’s legal system and the determination of its investigative bodies.
“Nobody Has Been Brought Back”—Wider Skepticism Over Economic Offenders
Hariprasad raised wider concerns about the repeated failure of India to extradite high-profile economic offenders. He named Nirav Modi, Vijay Mallya, and Lalit Modi—persons who have successfully eluded Indian law despite years of litigation.
“Even Nirav Modi got arrested in London. What happened? He’s still happily living there… Vijay Mallya is also gone. Who has been brought back? Nobody. No economic offender has been brought back to India.”
He believes that Choksi’s case could follow a similar path unless there’s a major shift in how such cases are handled. “Bringing one Mehul Choksi to India—how does it help? We have already lost everything.”
“Just Catching Him Isn’t Enough”—Thoughts on Nirav Modi and Choksi
As the interview came to a close, Hariprasad voiced his final concern about the lack of progress in Nirav Modi’s extradition as well.
“Obviously, you think just by catching him in jail, what happened when he was in Antigua? We have all the legal cases… entire teams and agencies went there in a private aircraft to bring him back. But what happened? They all had to come back empty-handed.”
He remains skeptical about the outcomes, not because of a lack of evidence, but because of what he sees as weak enforcement and legal loopholes that economic offenders know how to exploit.
Hariprasad SV’s account is not just a personal tragedy; his voice is a reminder that justice delayed is justice denied and that in a scam of this scale, returning the money is just as critical as prosecuting the man behind it. “Focus should be on getting the money back to India. Not only should he be caught, but his money should also be brought back,” he said.
