They had collected Rs 3 crore through crowdfunding, mortgage and aid from their parents to open Gitanjali Jewellery Retail's franchise in Delhi's Rajouri Garden in October 2013. Srivastava added, “My case was taken up by Economic Offences Wing and I was released in a couple of days from their police custody when their investigations proved me innocent,”Īround Rs 5,000 crore worth of jewelery was sold when Srivastava was part of Gitanjali group but the number of fake products is unknown.Īmong the many victims who purchased substandard jewelery from the group, there were seven engineering graduates from Rajasthan Institute of Engineering and Technology (RIET) in Jaipur, who dragged Mehul and Gitanjali group to the court, reported The Times of India. Later, five months after his resignation, local police summoned him after a cheating case was filed against him by Gitanjali group. When he tried to bring the fraudulent acts to the notice of Choksi, he was asked to "mind his own business", the report adds. He was the President in 2008 and subsequently became the Managing Director for the retail arm in 2009. He said that the lab produced diamonds coasted only 5%-10% of the cost it was sold at. Srivastava was associated with Gitanjali jewelers as head of the retail business at Gitanjali until 2013. A diamond that claimed to be of Grade A in a purchase made was actually Grade C,” Srivastava told the business portal,“The diamonds were sold at a premium in the name of brand value, cuts and certifications that were given out. Santosh Srivastava, company's former Managing Director has claimed that a major portion of diamonds sold by Choksi was lab produced with low valuations compared to the selling price, reported Moneycontrol.
In another big revelation, an ex-senior employee of Gitanjali jewelers, promoted by Mehul Choksi, has said that the company sold substandard and fake diamonds to its customers.
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