PNB Scam: 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) in Mumbai has handed over assets worth more than Rs 125 crore to the liquidator of Gitanjali Gems Limited. These properties have been returned to their real owners and the victims of the money laundering case against Choksi. This includes flats in Mumbai and factories/warehouses in SEEPZ Mumbai. ED has returned assets worth Rs 125 crore to the victims (banks).
The Special PMLA Court in Mumbai has approved the “monetisation of properties” amounting to Rs 2,565.90 crore, attached or seized by ED in the PNB fraud case involving fugitive diamantaire Mehul Choksi.
In line with the court order, the process of handing over these assets has begun. Properties worth over Rs 125 crore, including flats in Mumbai and two factories/godowns at SEEPZ Mumbai, have already been handed over to the Liquidator of M/s Gitanjali Gems Ltd., with further restitution underway.
Gitanjali Group promoter accused Mehul Choksi has been absconding since the scam. Central agencies have taken action against Choksi in the money laundering case. Mehul Choksi’s properties which are being investigated include Gitanjali Gems Limited (GGL), Nakshatra Brands Limited (NBL), Nakshatra World Limited (NWL) and Gili India Limited apart from the properties of other companies.
In Mehul Choksi’s case, investigation under PMLA revealed that he, along with his associates and bank officials of Punjab National Bank (PNB), committed fraud during 2014 to 2017 and got Letter of Undertaking and Foreign Letter of Credit issued from PNB. Due to this wrongdoing, PNB suffered a loss of Rs 6097.63 crore. Mehul Choksi had also taken a loan from ICICI Bank and did not repay that loan.
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