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A prominent diamantaire has allegedly defaulted repaying loans worth Rs 16.72 crore to the government-backed private sector IDBI Bank Ltd, Mumbai, official sources said. The outstanding amount also comprises a significant foreign currency component of more than $161,000, or roughly Rs 1.20 crore. "It has been brought to the notice of IDBI Bank that a news article is in circulation stating that a default of Rs 6,710 crore has been made by a Diamantaire group to IDBI Bank. The news item further mentioned the name of M/s Sanghavi Exports International Pvt. Ltd., which is a Non-Performing Account (NPA) with the Bank. The Bank hereby advises that the news item contains certain factual inaccuracies," the lender informed the stock exchanges. "IDBI Bank has exposure to M/s Sanghavi Exports International Pvt. Ltd. (which is NPA), but the current Principal Outstanding is only Rs. 16.72crore (Rupees Sixteen Crore and Seventy Two Lakh only) and the account is fully provided," it further clarified.Banking circles describe it as the "second biggest" default of its kind notched by a diamond industry entity after the infamous Punjab National Bank scam of around Rs 14,000 crore involving Mehul Choksi and Nirav Modi. The diamond company is Sanghavi Exports International Pvt Ltd, with headquarters in Bandra Kurla Complex, besides its 4 associate companies and 13 persons who are directors/promoters/guarantors, etc. The Mumbai-based companies are: Sanghavi Diamonds Manufacturing Pvt Ltd, Sanghavi Jewelry Manufacturing Pvt Ltd, Sanghavi Star Retail Pvt Ltd, and Royal Estate Holding (India) Pvt Ltd, two factories in Surat and an office in Mumbai.The directors named are the trio of brothers – Kirtilal R. Sanghavi, Chandrakant R. Sanghavi and Rameshchandra R. Sanghavi – all based in the diamond industry hub of Surat.

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Maharashtra :Fact Check! Diamantaire group Sanghavi Exports defaults on IDBI Bank's loans worth 6,710 crore

A prominent diamantaire has allegedly defaulted repaying loans worth Rs 16.72 crore to the government-backed private sector IDBI Bank ... ...