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ED has taken major action in the Mehul Choksi-PNB scam case. On the orders of the court, ED had started the process of transferring assets worth Rs 125 crore. This includes flats in Mumbai and factories/warehouses in SEEPZ Mumbai. ED ordered the victims (banks) to pay Rs. Property worth Rs 125 crore has been returned.
Major action has been taken against the properties of businessman Mehul Choksi, who fled the country after defrauding Punjab National Bank and ICICI Bank of crores. The Enforcement Directorate (ED) of Mumbai has ordered the liquidator of Gitanjali Gems Limited to pay Rs. Assets worth more than Rs 125 crore have been handed over. These properties have been returned to their rightful owners and victims of the money laundering case against Choksi.
In the Mehul Choksi case, an application was made in the court on behalf of the banks to hand over the assets, so that adequate recovery can be made in the fraud case.
Court reports Rs.100 crore related to Choksi. Rs 2,565.90 crore has been approved for monetization of assets. There has been a loss of Rs 6,097.63 crore in Choksi’s PNB scam. He has not even repaid the ICICI loan.
Accused Mehul Choksi is the promoter of Gitanjali Group and is absconding. Central agencies have taken action against Choksi in the money laundering case. Mehul Choksi’s properties under investigation include Gitanjali Gems Limited (GGL), Nakshatra Brands Limited (NBL), Nakshatra World Limited (NWL) and Geely India Limited, among others.
ED said that the properties of Mehul Choksi are being returned to the money laundering victim (bank). A concerted effort has been made by the ED with PNB and ICICI Bank (victims of bank frauds) to bring productive assets into use and secure assets to be attached to financial institutions or seized/monetized.
Based on the petition filed by the banks, a special PMLA court in Mumbai allowed monetization of assets worth Rs 2565.90 crore by the ED in the Mehul Choksi case (PNB fraud case).
As per the order, the process of handing over the property has been initiated and Rs. Assets worth more than Rs 125 crore have been handed over to the liquidator of M/s Gitanjali Gems Limited. It consists of a flat located at Mumbai and two factories/warehouses located at SEEPZ Mumbai. The process of returning the remaining properties is also going on.
Investigation under PMLA in the case of Mehul Choksi revealed that he, along with his associates and bank officials, defrauded Punjab National Bank (PNB) and obtained letters of undertaking and foreign letters of credit from PNB during the period 2014 to 2017. . Due to which the work was done wrongly. PNB has suffered a loss of Rs 6097.63 crore. He also took a loan from ICICI Bank and did not repay that loan.
During the investigation, ED conducted searches at over 136 locations across the country and seized money belonging to Mehul Choksi’s Gitanjali Group. Property, goods/jewellery worth Rs 597.75 crore were seized.
Apart from this, Mehul Choksi/Gitanjali Group has Rs. Immovable/movable assets worth Rs 1,968.15 crore were seized, including immovable properties in India and abroad, vehicles, bank accounts, factories, shares of listed companies, jewelery and others. Overall, in this case Rs. Assets worth Rs 2565.90 crore were seized or confiscated and three prosecution complaints were filed. To expedite the process of returning the assets to both the distressed banks, the ED took proactive steps towards monetization of the assets. The ED and the bank agreed to adopt a common approach and approached the special PMLA court in Mumbai to file a joint application (consent application).
The court passed an order on September 10, 2024, on a joint petition stating that the ED will facilitate the liquidator of various Gitanjali group companies for valuation and auction of the bank attached or seized properties and auction of these properties. After sale proceeds will go to PNB/ICICI. Deposited as FD in
Till now there are 6 such properties. This flat is located in Kheni Tower Santa Cruz, East Mumbai, with a total price of around Rs. 27 crores and 2 properties. (1) Plot No.-61, SEEPZ and (2) Plot No.-16, SEEPZ Rs. The lands and buildings having a collective value of Rs 98.03 crore were restored and handed over to the liquidator of M/s Gitanjali James. Ltd. The ED said, on the orders of the special court (PMLA), the remaining assets are also being handed over to the liquidators/banks.