Rs 2,500 Crore Assets Restitution: ED Commences Action in Choksi Money Laundering Case

The Enforcement Directorate has begun asset restitution worth over Rs 2,500 crore linked to Mehul Choksi in the PNB fraud case. Acting on a PMLA court order, properties have been handed to Gitanjali Gems' liquidator, with further assets set for auction, benefiting PNB and ICICI banks.

The Enforcement Directorate (ED) announced Tuesday the commencement of asset restitution valued over Rs 2,500 crore linked to businessman Mehul Choksi. This is part of a money laundering investigation related to the Rs 13,000 crore Punjab National Bank (PNB) fraud case.

Following a Mumbai-based special Prevention of Money Laundering Act (PMLA) court order, the ED initiated the process of returning properties to rightful owners. Assets worth more than Rs 125 crore have already been transferred to the liquidator of Choksi's company, Gitanjali Gems Ltd.

These properties include six flats in Mumbai and two factories in Santacruz. The court ordered monetization of seized assets, directing proceeds from auctions to be deposited into PNB and ICICI Bank as fixed deposits. Choksi has been residing in Antigua since 2018, following accusations against him.

(With inputs from agencies.)