SEBI Clamps Down on Fugitive Mehul Choksi to Recover Rs 2.10 Crore Dues

Financial markets regulator SEBI has ordered the attachment of bank accounts and investments of Mehul Choksi to recover Rs 2.10 crore in dues for insider trading violations related to Gitanjali Gems shares. This marks another step in the legal saga of the fugitive businessman linked to the PNB scam.

The Securities and Exchange Board of India (SEBI) has instructed banks and mutual funds to freeze the bank accounts, shares, and mutual fund holdings of fugitive businessman Mehul Choksi. This measure is aimed at recovering Rs 2.10 crore, owed due to violations of insider trading rules in connection with Gitanjali Gems stock.

On May 15, 2025, SEBI issued a notice demanding Choksi pay the dues within 15 days warning that, otherwise, it might proceed to freeze his assets. SEBI expressed concerns that Choksi might attempt to dissipate his holdings, which could complicate the recovery of dues.

In coordination with mutual funds and banks, SEBI has also asked for details of Choksi's accounts, including any locker facilities, while ensuring no further debits are made from his accounts. This action forms part of broader efforts to hold him accountable amidst ongoing legal battles related to the PNB scam.

(With inputs from agencies.)