The Enforcement Directorate (ED) has detailed its actions on the Rs 13,000-crore Punjab National Bank (PNB) scam involving Mehul Choksi, the absconding diamantaire. The agency has attached properties worth Rs 2,566 crore, including valuable real estate, jewellery, and assets in foreign jurisdictions, as part of its efforts to recover the funds defrauded from the bank. These assets span across India and abroad, including properties in Belgium, the USA, and the UAE.
The report highlights that Rs 1,968 crore worth of assets have been seized through nine provisional attachment orders (PAOs). These assets include over 100 immovable properties, valued at over Rs 1,600 crore, spread across Mumbai, Raigad, Nashik, Nagpur, Kolkata, Surat, and other cities. In addition, jewellery and precious metals worth approximately Rs 230 crore have been attached. The assets held overseas are valued at Rs 85 crore, including flats, offices, and stakes in a Japanese company.
To prevent further depreciation of the attached properties, the ED has initiated a liquidation process. Properties have been handed over to liquidators and banks for valuation and auction, with proceeds being deposited as fixed deposits in the special PMLA court in Mumbai. This move aims to ensure that the assets do not lose further value due to deterioration, such as leakage or security-related issues.
The attached assets are primarily associated with Mehul Choksi’s Gitanjali Group and other companies linked to him. As per court directions, properties that were not mortgaged to banks are also being handed over to the liquidator. The ED has also sent legal requests to multiple countries to obtain information on Mehul Choksi’s foreign assets and financial dealings.
The process, which has been ongoing since 2018, is complex due to the number of assets involved, their diverse locations, and the time-consuming valuation of items such as jewellery. The ED’s efforts are aimed at ensuring the defrauded funds are recovered and restitution is made to affected parties.
