Feature
PNB fraud: Choksi denies any truth in allegations
Fugitive diamond jeweller Mehul Choksi, who is wanted by Indian investigative agencies in the Rs 13,500 crore Punjab National Bank (PNB) fraud case, has denied “any truth in the allegations”.
In a statement issued to a Caribbean newspaper ‘Antigua Observer’, Choksi through his attorney David Dorsett said: “I can say categorically, that there is no truth in those allegations.”
On or about July 24, the Citizenship by Investment Unit (CIU) issued a press statement in response to an online story from an Indian media outlet reporting on certain allegations made against Choksi by the Indian authorities and the media.
According to this CIU statement on Wednesday, Choksi was granted citizenship by registration in November 2017 and he swore the Oath of Allegiance in Antigua on January 15, 2018.
The CIU also said that Choksi’s application was granted “after robust due diligence and international investigation by reputable agencies, including the International Criminal Police Organization (Interpol) and the CARICOM Implementing Agency for Crime and Security (IMPACS)”.
The CIU also said that “the 2017 investigation revealed no derogatory information about Choksi”.
The owner of the Gitanjali group firms further said that in January 2018, “I had need to visit the US to receive medical treatment. Having received treatment I am still in a state convalescence.”
“That being the case, I have decided to reside in Antigua and Barbuda, the country of my citizenship, and to abide by the laws of the country,” he said.
His remarks came three days after the Central Bureau of Investigation (CBI) said it had written to the Antiguan authorities seeking details of Choksi’s whereabouts in connection with the PNB fraud case.
On Tuesday it was revealed that Choksi had moved to Antigua from the US several weeks ago using an Antiguan passport.
The revelation came from Antiguan authorities in response to a CBI diffusion notice circulated to foreign countries through Interpol.
The CBI came to know of it last week and shared the information with the Enforcement Directorate (ED). Both the CBI and the ED have been probing the multi-crore fraud allegedly committed between 2011-2017 by Choksi and his nephew Nirav Modi.
Choksi also said that “I can, however, state that I lawfully applied to be registered as a citizen of Antigua and Barbuda under the Citizenship by Investment Program.
“During the course of my application I did all that was lawfully required of me to do,” he claimed, adding, “My application for citizenship was in due course approved.”
Choksi also claimed that his application was motivated by his desire to expand his business interest in the Caribbean and to obtain visa free travel access to 130 countries.
“That remains my reason for choosing to become a citizen of Antigua and Barbuda,” he said.
The red corner notice (RCN) request from the CBI to the Interpol against Choksi is still pending.
Earlier in July, the Interpol issued the RCN against fugitive diamond jeweller Nirav Modi, his brother, a Belgian national, Nishal Modi and an executive of his firm Subhash Parab.
The State Scores Extra High on Gaming-Friendly Industry Index
Meghalaya scored 92.85 out of 100 possible points in a Gaming Industry Index and proved to be India’s most gaming-friendly state following its recent profound legislation changes over the field allowing land-based and online gaming, including games of chance, under a licensing regime.
The index by the UK India Business Council (UKIBC) uses a scale of 0 to 100 to measure the level of legalisation on gambling and betting achieved by a state based on the scores over a set of seven different games – lottery, horse racing, betting on sports, poker, rummy, casino and fantasy sports
Starting from February last year, Meghalaya became the third state in India’s northeast to legalise gambling and betting after Sikkim and Nagaland. After consultations with the UKIBC, the state proceeded with the adoption of the Meghalaya Regulation of Gaming Act, 2021 and the nullification of the Meghalaya Prevention of Gambling Act, 1970. Subsequently in December, the Meghalaya Regulation of Gaming Rules, 2021 were notified and came into force.
All for the Tourists
The move to legalise and license various forms of offline and online betting and gambling in Meghalaya is aimed at boosting tourism and creating jobs, and altogether raising taxation revenues for the northeastern state. At the same time, the opportunities to bet and gamble legally will be reserved only for tourists and visitors.
“We came out with a Gaming Act and subsequently framed the Regulation of Gaming Rules, 2021. The government will accordingly issue licenses to operate games of skill and chance, both online and offline,” said James P. K. Sangma, Meghalaya State Law and Taxation Minister speaking in the capital city of Shillong. “But the legalized gambling and gaming will only be for tourists and not residents of Meghalaya,” he continued.
To be allowed to play, tourists and people visiting the state for work or business purposes will have to prove their non-resident status by presenting appropriate documents, in a process similar to a bank KYC (Know Your Customer) procedure.
Meghalaya Reaches Out to a Vast Market
With 140 millions of people in India estimated to bet regularly on sports, and a total of 370 million desi bettors around prominent sporting events, as per data from one of the latest reports by Esse N Videri, Meghalaya is set to reach out and take a piece of a vast market.
Estimates on the financial value of India’s sports betting market, combined across all types of offline channels and online sports and cricket predictions and betting platforms, speak about amounts between $130 and $150 billion (roughly between ₹9.7 and ₹11.5 lakh crore).
Andhra Pradesh, Telangana and Delhi are shown to deliver the highest number of bettors and Meghalaya can count on substantial tourists flow from their betting circles. The sports betting communities of Karnataka, Maharashtra, Uttar Pradesh and Haryana are also not to be underestimated.
Among the sports, cricket is most popular, registering 68 percent of the total bet count analyzed by Esse N Videri. Football takes second position with 11 percent of the bets, followed by betting on FIFA at 7 percent and on eCricket at 5 percent. The last position in the Top 5 of popular sports for betting in India is taken by tennis with 3 percent of the bet count.
Local Citizens will Still have Their Teer Betting
Meghalaya residents will still be permitted to participate in teer betting over arrow-shooting results. Teer is a traditional method of gambling, somewhat similar to a lottery draw, and held under the rules of the Meghalaya Regulation of the Game of Arrow Shooting and the Sale of Teer Tickets Act, 2018.
Teer includes bettors wagering on the number of arrows that reach the target which is placed about 50 meters away from a team of 20 archers positioned in a semicircle.
The archers shoot volleys of arrows at the target for ten minutes, and players place their bets choosing a number between 0 and 99 trying to guess the last two digits of the number of arrows that successfully pierce the target.
If, for example, the number of hits is 256, anyone who has bet on 56 wins an amount eight times bigger than their wager.
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