Is Gitanjali Gems still listed on the stock exchange?

No. BSE and NSE suspended trading in Gitanjali Gems shares following the 2018 fraud disclosure. The company's ISIN (INE081G01019) remains registered, but shares are not actively traded on exchanges. Residual OTC trading at ₹0.5 per share is purely speculative.

What happened to Gitanjali Gems' brands like Nakshatra and Gili?

Gitanjali Gems owned several jewellery brands including Nakshatra, Gili, D'damas, and Asmi. Following the fraud and subsequent insolvency proceedings, these brands have been subject to asset attachment and NCLT/insolvency proceedings. Some brand rights have been contested in court. As of 2024, the retail operations under these brands are largely defunct.

What is the current status of Gitanjali Gems' insolvency proceedings?

Gitanjali Gems has been admitted to NCLT insolvency proceedings under the IBC (Insolvency and Bankruptcy Code). The ED has attached assets, and CBI has filed charge sheets. Recovery for financial creditors (banks owed ₹13,500+ crore) has been extremely limited given the scale of the fraud and dissipation of assets. Ordinary shareholders have near-zero prospects for recovery.

How do I buy Gitanjali Gems unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for Gitanjali Gems?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell Gitanjali Gems shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

Gitanjali Gems Unlisted Share Price | Buy Gitanjali Gems Pre-IPO Shares — wisefolio

Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Talk to us

Gitanjali Gems Unlisted Share Price | Buy Gitanjali Gems Pre-IPO Shares — wisefolio | wisefolio

Investment Thesis

Gitanjali Gems Limited is India's most high-profile jewellery fraud case — the company's promoter Mehul Choksi orchestrated the ~₹13,500 crore Punjab National Bank (PNB) fraud between 2011–2018 using fraudulent Letters of Undertaking. The company is effectively defunct: Choksi is a fugitive in Antigua under Interpol Red Notice, BSE/NSE trading is suspended, NCLT insolvency proceedings are underway, and ED has attached company assets. The ₹0.5 OTC share price is entirely speculative. Ordinary shareholders should expect near-total capital loss. Any investment in Gitanjali Gems must be understood as speculation on a fraud-linked insolvency case — NOT a legitimate business investment. This is a cautionary case study in corporate governance failure, banking system vulnerability, and the risks of promoter-controlled listed companies with fraudulent management.

Pros

Gitanjali Gems was historically one of India's largest diamond and jewellery companies with a national retail network, established brand portfolio (Gili, Nakshatra, D'damas), and international diamond trading operations
The company held an ISIN (INE081G01019) and was listed on BSE and NSE, providing historical regulatory filings that document its former scale and operations
At its peak, Gitanjali Gems operated over 4,000 retail points of sale across India and had significant international diamond trading volumes through Antwerp, Dubai, and Hong Kong hubs
The company's established brand names (Nakshatra, Gili, D'damas) had significant consumer recognition in the Indian jewellery market and could potentially be revived under new ownership/management post-resolution
India's jewellery sector is structurally growing — India is the world's second-largest jewellery market and the largest diamond cutting and polishing centre globally

Cons

CRITICAL FRAUD WARNING: Gitanjali Gems Limited is at the centre of India's largest banking fraud — the Punjab National Bank (PNB) scam of approximately ₹13,500 crore (~$2 billion USD), orchestrated by its promoter Mehul Choksi. The fraud involved fraudulent Letters of Undertaking (LoUs) issued by PNB's Brady House branch in Mumbai between 2011–2018
Promoter Mehul Choksi fled India in January 2018 before the fraud was publicly disclosed. He holds Antiguan citizenship and has been evading extradition to India. Interpol has issued a Red Notice for his arrest. He was briefly detained in Dominica in 2021 but released
CBI (Central Bureau of Investigation) and ED (Enforcement Directorate) have filed multiple charge sheets and attachment orders against Gitanjali Gems, its assets, and associated entities. Extensive asset attachment proceedings are ongoing
BSE and NSE suspended trading in Gitanjali Gems shares. The company is effectively defunct for investment purposes with shares trading at ₹0.5 in OTC markets — purely speculative
The company's balance sheet is irreparably impaired by the fraud — assets have been attached, pledged, or dissipated; liabilities to banks (PNB, SBI, Union Bank, and consortium lenders) vastly exceed recoverable assets
No credible management team in place. Former CEO and key executives are under criminal investigation. Normal business operations are not being conducted

Business Segments

Diamond Jewellery Retail (Defunct)

Retail of diamond and gold jewellery through brands Nakshatra, Gili, D'damas, Asmi across pan-India store network — now largely shut down following fraud disclosure

Diamond Trading (Defunct)

International diamond trading through Antwerp, Dubai, and Hong Kong hubs — operations suspended following fraud disclosure and asset attachment

Jewellery Manufacturing (Defunct)

Manufacturing of branded gold and diamond jewellery for retail and export markets — operations curtailed

Revenue Model

Gitanjali Gems formerly generated revenue through retail sales of diamond and branded gold jewellery (Nakshatra, Gili, D'damas) across its national store network, international diamond trading (polished diamonds sold to overseas retailers and jewellers), and jewellery exports. The business model required substantial working capital and import credit facilities — which were fraudulently obtained through PNB's LoUs — making the entire financial structure dependent on fraudulent banking facilities. All substantive business operations have ceased following the 2018 fraud disclosure.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds14

Growth Plans

Successful NCLT resolution plan adopted by a credible acquirer reviving brand assets (Nakshatra, Gili, D'damas)

Extradition of Mehul Choksi enabling asset recovery and criminal restitution proceedings

Meaningful asset recovery by ED/CBI from attached properties improving creditor recoveries

Broader India jewellery sector growth supporting potential brand revival under new ownership

Industry Tailwinds

Recent Developments

Mehul Choksi detained in Dominica

Mehul Choksi, wanted by India for the PNB fraud, was arrested in Dominica in May 2021. A protracted legal battle ensued regarding extradition. He was subsequently released on bail and returned to Antigua, where he continues to reside. Extradition proceedings to India remain ongoing but unresolved.

2021

ED asset attachment and recovery proceedings

The Enforcement Directorate (ED) has attached assets of Gitanjali Gems and associated entities under PMLA. Recovery proceedings against domestic properties, jewellery stock, and other assets are ongoing through NCLT and courts. Banks have recovered only a small fraction of the total ₹13,500 crore fraud amount.

2023–2024

Nirav Modi extradited and convicted in UK

Nirav Modi, Mehul Choksi's nephew and co-conspirator in the PNB fraud, was extradited from the UK to India in 2023 after a UK court upheld his extradition. He had earlier been convicted of fraud and money laundering in the UK. His extradition reinforces India's ongoing pursuit of the PNB fraud perpetrators.

Comparable Companies

CompanyTypeTickerMkt Cap

Kalyan Jewellers India LimitedListedKALYANKJILLarge-cap

Titan Company Limited (Tanishq)ListedTITANLarge-cap

PC Jeweller LimitedListedPCJEWELLERSmall-cap

Senco Gold LimitedListedSENCOGOLDSmall-cap

Frequently Asked Questions

The Punjab National Bank (PNB) fraud, disclosed in February 2018, involved fraudulent Letters of Undertaking (LoUs) worth approximately ₹13,500 crore issued by PNB's Brady House, Mumbai branch. Gitanjali Gems' promoter Mehul Choksi and diamantaire Nirav Modi (his nephew) used forged LoUs — issued without proper collateral or board authorisation — to obtain overseas loans from foreign branches of Indian banks, which were then used for personal enrichment and never repaid. It remains one of India's largest bank frauds.

Mehul Choksi is the promoter and former CMD of Gitanjali Gems Limited. A diamantaire and jewellery retailer, he built Gitanjali into one of India's largest jewellery companies. In 2018, he fled India and acquired Antiguan citizenship before the PNB fraud was publicly revealed. He is wanted by CBI and ED in India under PMLA (Prevention of Money Laundering Act) and IPC provisions for fraud, cheating, and money laundering. Interpol has issued a Red Notice for his arrest. He was briefly detained in Dominica in 2021 amid extradition controversies.

At its peak, Gitanjali Gems operated brands including Nakshatra (diamond jewellery), Gili (fashion jewellery), D'damas (certified diamonds), Asmi (contemporary jewellery), and Maya Gold. The company had over 4,000 retail touchpoints including standalone stores, shop-in-shop counters in department stores, and franchise outlets across India, making it one of the country's largest organised jewellery retailers.

About Gitanjali Gems

Gitanjali Gems Limited was once one of India's largest diamonds and jewellery companies, founded and managed by Mehul Choksi. The company operated a vast retail jewellery network under brands including Nakshatra, Gili, D'Damas, Asmi, and Sangini, and was involved in diamond sourcing, cutting, polishing, and jewellery manufacturing at scale. At its peak, Gitanjali Gems had revenues exceeding Rs 10,000 Cr, operated hundreds of retail stores, and employed thousands of people across the jewellery value chain. However, Gitanjali Gems became embroiled in the largest banking fraud in India's post-independence history. Mehul Choksi and his nephew Nirav Modi allegedly defrauded Punjab National Bank (PNB) of approximately Rs 14,357 Cr through fraudulent Letters of Undertaking (LoUs) issued from PNB's Brady House branch in Mumbai between 2011 and 2018. The fraud was exposed in January 2018, triggering a dramatic collapse of the company. Mehul Choksi fled India to Antigua (where he had obtained citizenship) before the fraud was publicly exposed. Following the fraud's exposure, Gitanjali Gems was admitted to the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC) in October 2018, with total liabilities exceeding Rs 12,000 Cr. After failed resolution attempts, the National Company Law Tribunal (NCLT) Mumbai ordered liquidation of Gitanjali Gems under Section 33 of IBC on February 7, 2024. The Enforcement Directorate and CBI continue to investigate and attach Mehul Choksi's assets globally as part of recovery efforts. A special court has permitted Gitanjali Gems' liquidator to undertake valuation and auction of 13 unsecured properties linked to Choksi. The Gitanjali Gems case stands as a cautionary tale of corporate governance failure, auditor negligence, and banking system vulnerabilities in India.

Key Milestones

1986 — Gitanjali Gems Limited incorporated in Mumbai, Maharashtra under CIN L36911MH1986PLC040689 by Mehul Choksi

Common questions about unlisted shares

How do I buy Gitanjali Gems unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

Risk factors & red flagsInvestment risks and items flagged from public filings10

Insolvency RiskHigh

NCLT ordered liquidation on February 7, 2024 under Section 33 of IBC

Source: IBBI / MCA Public Records

Promoter RiskHigh

Promoter Mehul Choksi is a fugitive accused of Rs 14,357 Cr PNB fraud (with Nirav Modi)

Source: Company Financial Filings

Operational RiskLow

Rs 12,000+ Cr in creditor liabilities with low recovery prospects

Source: Company Financial Filings

Fraud / GovernanceLow

All company assets under attachment by Enforcement Directorate and CBI

Source: Media Reports / Public Records

Regulatory / LegalLow

SEBI debarred Mehul Choksi from capital markets for life

Source: Media Reports / Public Records

CRITICAL — Fraud and Criminal Proceedings Risk

Gitanjali Gems is at the centre of India's largest banking fraud (₹13,500 crore PNB scam). The company is subject to active CBI and ED criminal proceedings, multiple charge sheets, and asset attachment orders. Normal business operations have ceased. Investment in this company carries extreme legal, financial, and reputational risk.

Promoter Absconding Risk

Promoter Mehul Choksi is a fugitive from Indian law, residing in Antigua with Interpol Red Notice issued against him. Without legitimate promoter engagement, no corporate revival or resolution is feasible.

Insolvency and Recovery Risk

NCLT insolvency proceedings are ongoing. Financial creditors (banks owed ₹13,500+ crore) have first priority on any asset recovery. With assets vastly exceeded by fraudulently incurred liabilities, ordinary shareholders have near-zero recovery prospects.

Capital Markets Suspension Risk

BSE and NSE trading suspension means no price discovery, no liquidity, and no regulatory market oversight. OTC trading at ₹0.5 is speculative with no informed buyer-seller mechanisms.

Total Capital Loss Risk

The combination of fraud, insolvency, asset attachment, management absence, and trading suspension makes total loss of invested capital the most likely outcome for shareholders in Gitanjali Gems. This investment carries maximum possible downside risk.

Gitanjali Gems Limited

How settlement works

Get price alerts for Gitanjali Gems Limited

Discuss Gitanjali Gems

Other ways to invest