The ICICI Bank’s UK subsidiary, operating though its Antwerp branch, had filed a lawsuit against Chetan’s Diminco NV for defaulting on loan advances to the tune of $25 million in Belgium court in 2014.
The Belgium court gave an attachment order against Chetan’s immovable assets in 2014. The ICICI Bank’s UK subsidiary had applied to the commercial court in Belgium under Section 25 of the Civil Jurisdiction Act 1982 for a worldwide freezing order (other than in Belgium) and asset disclosure in support of the Belgian proceedings, which were however denied.
Chetan is managing director of Diminco NV, a subsidiary of Digico Holdings Limited, incorporated in Hong Kong and claims to be one of the largest integrated diamond and jewellery manufacturers and retailers in the world. Chetan was using trade credit from ICICI Bank since 2004, but when he defaulted, the bank found that he was operating with just 11 employees and about $100,000 worth of diamonds.
Digico Holdings Limited was among select sightholder of the world’s leading diamond company De Beers till 2013. In the new list of global sightholders published by De Beers, Digico could not find a place.
Those close to the family in Belgium said Chetan had defaulted on payments to the tune of $200 million to banks. He owns a big jewellery chain in Japan, Verite Company Limited, which he had bought for his son Kavan in 2008.
Verite Co. Ltd. operates a chain of jewellery stores under Vérité, Maharaja and MiMiKaZaRi brands in Japan. The stores offer jewellery, gems, precious metals, watches and fashion goods.
“Mehul and Chetan always wanted to become rich quickly and at any cost. Like his brother, Chetan owes several Indian banks and foreign branches over $200 million. When Chetan defaulted on bank credit in Belgium, the diamond industry in India was in shock. It was then that the downfall of Gitanjali Gems and Digico group started,” an acquaintance of the Choksis said.
by via Surat News, Latest Surat News Headlines & Live Updates - Times of India
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