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Mehul Choksi News: The Enforcement Directorate, which is probing money laundering in Mehul Choksi’s Rs 13,000 crore PNB loan fraud case, has started the process of selling assets worth Rs 2,565 crore and returning them to their respective creditors. The said property of Mahul Choksi was seized by ED during the money laundering investigation. The court gave this decision on the application of the affected banks and ED. Till now Choksi’s Gitanjali James Lee. Rs 125 crore has been returned by selling some properties related to it, which include two flats, two factories and a warehouse in Mumbai. Choksi and his nephew Nirav Modi are the main accused in the PNB scam of 2018.
In this regard, ED officials said that this important step is aimed at recovering money from PNB and other financial institutions including ICICI Bank, as the court allowed the sale of Mehul Choksi’s assets on the petition filed by the lender banks, Punjab National Bank and Was. ICICI ED has started this process. According to ED, this process has been done as per the order of the competent court of Mumbai.
ED had seized assets worth Rs 2565.90 crore in the money laundering case against Choksi. The court has given permission to sell all these properties.
An investigation under the Prevention of Money Laundering (PMLA) Act revealed that between 2014 and 2017, Choksi had defrauded his associates and PNB officials. PNB suffered a huge loss of Rs 6097.63 crore due to this scam. Apart from the PNB fraud, Choksi also did not repay the loan taken from ICICI Bank.
As part of the investigation of this case, ED had searched more than 136 places across the country. After which valuables, jewelery and ornaments worth Rs 597.75 crore belonging to Choksi’s Gitanjali Group were confiscated. Apart from this, vehicles, bank accounts, factories, company shares and movable and immovable assets worth Rs 1968.15 crore in India and abroad were seized.
Mehul Choksi and his nephew Nirav Modi are involved in the Rs 13,000 crore fraud case involving Punjab National Bank (PNB). He is accused of corruption, money laundering and fraud. The ED has filed a chargesheet against Choksi, accusing him of running a racket to cheat customers and moneylenders in India, Dubai and the US. Co-accused in this case Nirav Modi was arrested in London in 2019. And action is being taken for his extradition.
Choksi obtained Antigua and Barbuda citizenship in 2017 through an investment scheme to help him avoid arrest and extradition.
In an order dated September 10, the Mumbai court asked the ED Gitanjali Group to assist the liquidator of various companies and banks in the process, including valuation of these assets.