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NEW DELHI: The Enforcement Directorate (ED) has zeroed in on alleged proceeds of crime totalling nearly Rs 80 crore amassed abroad by fugitive diamond merchant Mehul Choksi . ET Year-end Special Reads 2024 Rewind: Elections, extreme weather, sporting glories, moments that made history, and heartfelt goodbyes Sensex & Nifty in 2025: Predictions, targets, must-have stocks for the new year From Adani bribery allegations to PayTM Bank ban: Six shocks that rocked India Inc in 2024 In a bid to return the money to the victims of alleged fraud perpetrated by Choksi, the federal agency has reached out to foreign countries, requesting them to monetise the assets and transfer the proceeds to India, said people in the know. The agency has identified five such properties owned by Choksi and his entities in Thailand, Dubai, Japan and the US.
These include one villa measuring 1,518 square meters and another immovable property (office space in Almas Tower) owned by Choksi in Dubai. Another one is an immovable property in Thailand and the ED claims that Choksi is its "beneficial owner". Also in ED's radar are a flat in New York's Manhattan and 7,49,500 shares, accounting for a 22.
56% stake, in GSTV company Ltd, Japan. The agency has already written to the foreign authorities but has yet to receive any response, said the people in the know. "The endeavour is to get these foreign assets monetised and return the same to victims of fraud at the earliest," said a senior official.
This follows an order passed by a Mumbai court in September last year allowing a plea filed by Punjab National Bank (PNB) and ICICI Bank that were allegedly defrauded by Choksi. The banks had contended that the properties attached by ED are "subject to general wear and tear and therefore the value of the property is decreasing day by day". They wanted the assets to be restored and monetised.
Accordingly, ED and bank officials held a meeting last year wherein the federal agency readily consented to restitution of properties. The ED last month said that it had commenced restoring assets worth more than Rs 2,500 crore as part of its money laundering probe against Choksi in connection with the alleged Rs 13,000 crore PNB loan fraud case. "In pursuance to the order, the process of handing over of assets has been initiated and properties worth more than Rs 125 crore have been handed over to the liquidator of Gitanjali Gems Ltd (a company of Choksi)," the statement read.
"The handed over properties include six flats in Kheni Tower at Santacruz in East Mumbai and two factories/go-downs situated at Santacruz Electronic Export Processing Zone," the ED said in its statement in December. Artificial Intelligence(AI) Java Programming with ChatGPT: Learn using Generative AI By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) Basics of Generative AI: Unveiling Tomorrows Innovations By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) Generative AI for Dynamic Java Web Applications with ChatGPT By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) Mastering C++ Fundamentals with Generative AI: A Hands-On By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) Master in Python Language Quickly Using the ChatGPT Open AI By - Metla Sudha Sekhar, IT Specialist and Developer View Program Marketing Performance Marketing for eCommerce Brands By - Zafer Mukeri, Founder- Inara Marketers View Program Office Productivity Zero to Hero in Microsoft Excel: Complete Excel guide 2024 By - Metla Sudha Sekhar, IT Specialist and Developer View Program Finance A2Z Of Money By - elearnmarkets, Financial Education by StockEdge View Program Marketing Modern Marketing Masterclass by Seth Godin By - Seth Godin, Former dot com Business Executive and Best Selling Author View Program Astrology Vastu Shastra Course By - Sachenkumar Rai, Vastu Shashtri View Program Strategy Succession Planning Masterclass By - Nigel Penny, Global Strategy Advisor: NSP Strategy Facilitation Ltd. View Program Data Science SQL for Data Science along with Data Analytics and Data Visualization By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) AI and Analytics based Business Strategy By - Tanusree De, Managing Director- Accenture Technology Lead, Trustworthy AI Center of Excellence: ATCI View Program Web Development A Comprehensive ASP.
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The Mumbai court allowed "monetisation" of all these properties in its September 10 order. The agency said it took "proactive steps" to initiate the restitution process and the probe agency, along with the affected banks, "agreed to take a common stand" and moved the court. As first reported by ET on September 21, the Indian investigating agencies are seeking to get Choksi back to India from Belgium, where he had been spotted.
Choksi, a resident in Antigua now, has proven elusive and is said to have to come to Belgium for medical treatment, thus providing the agencies an opportunity to get hold of him. The CBI has sought immediate detention of Choksi after getting wind of his visit. Belgian officials last year had sought a formal extradition request and India had completed the process so that Choksi could be held and eventually brought to India, ET reported on September 21.
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