The charge sheet states that on the same day, the entire loan amount was “given to Premier Intertrade, a partnership firm controlled by Choksi”. After Gitanjali Gems failed to repay the loan, IFCI got a fresh valuation of the jewelery done through two valuers 896 who valued the jewelery at ₹ 2.896 respectively. Crore and ₹70.03 Lakh, which is approximately 896 higher than the declared value. % was less.

The CBI reported that, “The value of the jewelery has decreased due to the poor quality of diamonds and rubies (coloured stones).” “The valuers also observed that the diamonds are low quality lab prepared chemical vapor diamonds and other substandard colored stones and are not genuine gems,” the CBI said. ,