ED Restitutes ₹2,500 Crore Assets in Mehul Choksi PNB Fraud Case
The Enforcement Directorate (ED) has commenced the restitution of assets worth over ₹2,500 crore linked to absconding businessman Mehul Choksi in the ₹13,000 crore Punjab National Bank (PNB) loan fraud case. Acting on a special PMLA court’s directive in Mumbai, the agency has handed over properties valued at ₹125 crore to the liquidator of Choksi’s company, Gitanjali Gems Ltd. These assets include six flats in Kheni Tower and two factories at SEEPZ in Mumbai.
The ED has seized or attached assets worth ₹2,565.90 crore in the case, with court approval for their monetization. The agency and affected banks moved a joint plea for valuation and auction of these properties, with sale proceeds directed to PNB and ICICI Bank as fixed deposits. The court’s September 10 order ensures the process aids the rightful owners while involving the liquidators of various Gitanjali Group companies.
Mehul Choksi, who fled to Antigua in 2018, and his nephew Nirav Modi, currently jailed in London, face charges of defrauding PNB through fraudulent letters of undertaking and foreign credit enhancements. Investigations by the ED and CBI since 2018 have led to multiple chargesheets against Choksi, unearthing extensive cheating in collusion with bank officials.
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