Punjab national bank The diamond business of Rs 13,500 crore with a diamond business has been arrested in Mehul Choksi Belgium. This was the biggest fraud in the Indian banking sector, in which several agencies including CBI and ED are engaged. In this entire case, the Enforcement Directorate (ED) had taken a very important step as part of the victims to ensure the return of properties. The ED, along with PNB and ICICI Bank, filed a joint application in Mumbai’s Special PMLA Court for the Moneying of attached and seized properties in the Mehul Choksi case.
Assets worth more than Rs 125 crore have been handed over to liquidator
Accepting this application, the court had allowed money for money worth Rs 2565.90 crore. After this order, the process of handing over the properties to their entitlements was started. The process has so far handed over assets of Mehul Choksi’s company Geetanjali James to liquidator with more than Rs 125 crore, including two factory and warehouses located in Mumbai flats and Seepz area. The restoration of the remaining properties is also in progress.
Default by taking loan from ICICI Bank
The investigation revealed that Mehul Choksi cheated with PNB officials between 2014 and 2017 wrongly issued letters of undertakings and foreign letters of credits, causing a loss of Rs 6097.63 crore to the bank. Not only this, Choksi also took a big loan from ICICI Bank and defaulted.
ED raided more than 136 locations
ED raided more than 136 locations across the country in this case and seized jewelry and other valuables worth Rs 597.75 crore. Apart from this, movable-immovable assets worth Rs 1968.15 crore have also been attached, including India and abroad assets, vehicles, bank accounts, factory, stocks and jewelery.
Which property was seized
Under the court’s order of September 10, 2024, ED and banks are jointly evaluating and auctioning attached assets. The amount received from the auction will be deposited as FDs of the respective banks. So far, 6 properties of Geetanjali James Limited- Flats (worth about Rs 27 crore) located in Khenni Tower in Mumbai and two other assets (worth Rs 98.03 crore)- have been handed over to the liquidator. According to the court order, now the restoration of the rest of the properties is also going on.
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