Mehul Choksi’s Mumbai Assets on Auction Block
NEW DELHI: Fugitive billionaire Mehul Choksi’s properties worth Rs 2,566 crore to go under the hammer
A special court in Mumbai has paved the way for the auction of properties belonging to fugitive billionaire Mehul Choksi, valued at Rs 2,566 crore. The properties were seized by the Enforcement Directorate (ED) in connection with the Punjab National Bank (PNB) fraud case.
The liquidator of Gitanjali Gems, Choksi’s former company, has already received assets valued at Rs 125 crore. The ED announced that it has initiated the process of transferring these holdings to the liquidator.
“The properties handed over include two factories or godowns located in SEEPZ, Mumbai, along with apartments in Mumbai. The remaining properties are now being returned,” stated the ED, which is responsible for investigating money laundering cases.
Background on Gitanjali Gems
Gitanjali Gems entered corporate insolvency resolution proceedings (CIRP) in 2018. After three and a half years, the National Company Law Tribunal (NCLT) declared the company’s liquidation. The business faces a debt of Rs 39,000 crore, comprising Rs 13,000 crore owed to the government and Rs 25,000 crore to banks and financial institutions.
Implications
This development marks a significant step in recovering the massive losses incurred in one of India’s largest banking fraud cases.
