Mumbai, October 12, 2026: A special CBI court on Monday ordered a proclamation against billionaire jeweller Jatin Mehta, his wife Sonia and son Suraj in a Rs 146.35 crore bank fraud case involving Canara Bank.
The CBI told the court that the three had remained untraceable since non-bailable warrants were issued against them in June 2018. The family is said to have left the country long ago and has not returned to face proceedings.
Court Considers Property Attachment
The court said the proclamation was necessary to secure their presence. If they fail to appear, the CBI may seek attachment of their properties. However, it declined immediate attachment, observing that such action required material indicating the properties were likely to be disposed of. The agency can seek attachment subsequently, the court said.
Alleged Bank Fraud Of Rs 146.35 Crore
According to the CBI, Mehta's company, Forever Previous Jewellery and Diamond Ltd, borrowed loans from a consortium of banks led by Punjab National Bank, including Canara Bank.
On March 19, 2012, Canara Bank's management committee sanctioned a fund-based limit of Rs 12 crore and a non-fund-based limit of Rs 150 crore. Using the latter, the company opened Standby Letters of Credit (SBLCs) in favour of bullion banks abroad. Gold was subsequently processed and exported to 13 buyers in the UAE.
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The agency alleged that the company failed to pay for gold imported through these SBLCs, causing a wrongful loss of Rs 146.35 crore to Canara Bank and a corresponding wrongful gain to the accused. The proclamation follows the agency's submission that warrants issued years earlier had failed to secure the family's appearance before the court.
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