ED transfers over Rs 125 cr in properties to Gitanjali Gems liquidator in PNB scam case
ED transfers over Rs 125 cr in properties to Gitanjali Gems liquidator in PNB scam case
The Enforcement Directorate (ED) in Mumbai has handed over properties worth over Rs 125 crore to the liquidator of Gitanjali Gems Ltd. as part of efforts to recover losses from the Punjab National Bank (PNB) scam involving fugitive businessman Mehul Choksi, media reports said.
In collaboration with PNB and ICICI Bank, the ED has been working to monetise attached and seized properties, enabling financial institutions to recover their losses, India Today reported.
Under the court's directive, ED began transferring properties, starting with Rs 125 crore in assets, including flats in Mumbai and factory/godown units in SEEPZ Mumbai. The process of returning additional properties remains ongoing, according to the report.
Between 2014 and 2017, Choksi, along with associates and PNB officials, fraudulently secured Letters of Undertaking and Foreign Letters of Credit from PNB, causing a loss of Rs 6,097.63 crore. He also defaulted on loans taken from ICICI Bank.
The ED’s investigation, covered 136 locations across India, led to the seizure of valuables worth Rs 597.75 crore and the attachment of assets worth Rs 1,968.15 crore.
As per the court’s orders, the ED has been assisting banks and liquidators in evaluating and auctioning the attached properties.
The restitution process is ongoing, with additional assets being transferred to liquidators and banks.
NEH Report
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
'Disrespectful act': India slams destruction of Hindu deity statue in Cambodia
India on Wednesday strongly condemned the demolition of a Hindu deity statue in Cambodia, allegedly by the Thai army, saying such “disrespectful” acts hurt religious sentiments and should not occur amid an ongoing military conflict.
Unnao rape survivor, mother meet Rahul Gandhi after CRPF manhandling sparks row
The Unnao rape survivor and her mother met Congress leader Rahul Gandhi on Wednesday evening, hours after the elderly woman was allegedly manhandled by Central paramilitary personnel during a protest against relief granted to former BJP MLA Kuldeep Singh Sengar.
Assam in flames! Shocking Karbi Anglong violence leaves 2 dead — here’s what really happened
Guwahati/IBNS: Internet services were temporarily suspended in Assam’s Karbi Anglong and West Karbi Anglong districts after fresh violence erupted between two groups, leaving two people dead and at least 45 others injured, including 38 police personnel, media reports said.
Assam erupts! Karbi Anglong violence turns fatal, 2 dead — what CM Himanta Biswa Sarma just said
Guwahati/IBNS: Assam Chief Minister Himanta Biswa Sarma on Wednesday said the situation in Karbi Anglong “has improved” a day after clashes between two groups over alleged illegal settlements left two people dead.
Latest News
Massive protest by Sanatani Hindus at zero point of India–Bangla border in Kailashahar
Arunachal Pradesh police rescue 24 child labourers trafficked from Tripura
Govt launches inter-departmental referral system to ease patient care in Tripura: CM
Tripura : VHP, Bajrang Dal protest against atrocities on Hindus in B’desh