A special CBI court has ordered the issuance of Letters Rogatory (LRs) to the United States and the United Arab Emirates, seeking judicial assistance in an ongoing investigation into an alleged bank fraud perpetrated by Pushpak Bullions. The case involves accusations that the company and its directors conspired to secure credit facilities using forged statements, leading to substantial losses for Union Bank of India and Bank of India.
Letters Rogatory are formal requests from a court to a foreign court for judicial assistance. Judge V. P. Desai of the special CBI court approved the plea on September 9, 2025. According to CBI prosecutor Anoop Yadav, funds obtained from the banks were allegedly routed to Pushpak Mining & Exploration LLC, a company established by Chandrakant Patel. Pushpak Bullions holds an 81% stake in Pushpak Mining & Exploration LLC, which subsequently acquired Pine Creek Mining Inc. to develop the Gold Basin Mine in the USA. The prosecution also stated that gold jewelry and other items were purportedly supplied to various entities based in the UAE, and the CBI needs to record statements from witnesses in the UAE.
This is not the first time Pushpak Bullions has come under scrutiny. In February 2025, the Enforcement Directorate (ED) conducted raids at 12 locations in Mumbai as part of a money laundering investigation linked to Pushpak Bullion, its director Chandrakant Patel, and Rialto Exim Pvt Ltd, among others. The ED's case stems from an FIR filed by the CBI. The CBI's FIR was against Rialto Exim Pvt Ltd and others, pertaining to a bank fraud of approximately Rs 142.72 crore, which caused financial losses to Central Bank of India and Bank of India.
The ED's investigation revealed that Rialto Exim Pvt Ltd is a related entity of the Pushpak Group and engaged in circular transactions with several affiliated entities, lacking any real business activity. These transactions are estimated to have exceeded Rs 500 crore, indicating large-scale financial manipulation. The ED also uncovered the involvement of Dubai-based dummy entities and the acquisition of a mine in the United States by a foreign entity connected to the Pushpak Group. Further, the ED found cash deposits exceeding Rs 84 crore in Pushpak Group-related entities during the demonetization period.
In 2022, an ED investigation against Pushpak Bullion revealed connections between the bank fraud case and Shridhar Patankar, brother-in-law of Uddhav Thackeray, chief of Shiv Sena (UBT). Patankar's firm, Saibaba Grihanirmiti, allegedly received crores of rupees from a shell company, Humsafar Dealer Pvt Ltd, controlled by hawala operator Nandkishore Chaturvedi. Chaturvedi, who had been previously investigated for illegal routing of funds during the 2016 demonetization, played a role in financial transactions linked to Pushpak Bullion. In March 2022, the ED attached 11 flats in Thane belonging to Patankar as part of its crackdown on money laundering.
Chandrakant Patel, a director at Pushpak Bullions, was arrested in 2017 for purchasing 285 kg of gold worth Rs 84.5 crore with laundered funds following demonetization in November-December 2016. The funds were allegedly deposited into the accounts of Pihu Gold and Satnam Jewels and then transferred to Pushpak Bullions for the gold purchase. The ED's investigation indicated that these companies lacked the financial capacity for such transactions and that Patel was the mastermind behind the money laundering. It was alleged that individuals holding black money used the opportunity to buy gold through shell companies to avoid scrutiny.
The court's order to issue Letters Rogatory to the US and UAE signifies a crucial step in the CBI's efforts to gather evidence and further investigate the complex financial transactions and international connections associated with the alleged bank fraud involving Pushpak Bullions.
