In Mumbai, the PMLA Court has approved the monetization of properties valued at Rs 2,565.90 crore, seized by the Enforcement Directorate (ED), in connection with the Mehul Choksi fraud case. Victims defrauded by Mehul Choksi are beginning to recover their lost funds. The process, started to compensate those cheated by the jeweller, has already seen positive results, with over Rs 125 crore handed back to the defrauded individuals, according to the media reports.
On Tuesday, the Enforcement Directorate shared on its official social media account, X, “Hon’ble Special Court (PMLA), Mumbai allowed ‘monetisation of properties’ amounting to Rs 2,565.90 Crore attached or seized by the ED, Mumbai in Mehul Choksi case (PNB fraud case).” Choksi, along with his nephew Nirav Modi, has been implicated in the Rs 14,000 crore fraud at Punjab National Bank, facing charges of cheating, corruption, and money laundering, among others. The ED’s charge sheet described Choksi as the leader of an organized operation that deceived customers and lenders in India, Dubai, and the US.
In 2017, Choksi acquired citizenship in Antigua and Barbuda through an investment program and has since evaded arrest and extradition. A non-bailable warrant was issued against Choksi and other accused in 2018 by the PMLA court for their collusion with PNB employees in the massive fraud. The Choksi family had built their gems business starting in the mid-1960s, which underwent a corporate transformation under Mehul Choksi’s leadership. He played a significant role in launching and establishing several successful jewellery brands, including Gili, Nakshatra, and Asmi. In its 2016-17 annual report, the group claimed to be the world’s largest integrated branded jewellery manufacturer-retailer, with an annual turnover of $2.5 billion.
Choksi had informed a special court that he has been unable to return to India due to factors beyond his control and thus should not be declared a fugitive economic offender. He said that he did not leave India to evade prosecution and is not refusing to return. He also claimed that Indian authorities had suspended his passport.
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