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PNB fraud: ED attaches Mehul Choksi’s 41 properties worth Rs 1217 crore

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March 1, 2018

The Enforcement Directorate today said that it has attached Mehul Choksi’s 41 properties worth Rs 1217.20 crore in connection with its money laundering probe in the PNB scam. The attached assets include 15 flats and 17 office premises in Mumbai, one shopping mall in Kolkata, one farm house in Alibaug built in 4 acres  and 6 parcels of land of total area 231 acres in Alibaug, Nasik, Nagpur, Panvel, and Villupuram (Tamil Nadu). One Hardware Park in the name of M/s Hyderabad Gems SEZ  situated in Ranga Reddy District of Andhra Pradesh has also been attached. This park spreads over 170 acres and has value to the tune of 500 crores.

Last month, the ED lodged a money laundering case against Mehul Choksi on the basis of an FIR registered by the Central Bureau of Investigation. It was alleged that Mehul Choksi and others have committed the offence of cheating against Punjab National Bank in connivance with certain bank officials by fraudulently getting the Letters of Credit or LoUs issued without following prescribed procedure and caused a wrongful loss to the bank.

The ED probe began with CBI FIR against Nirav Modi in the biggest banking fraud. However, very soon it turned out that Nirav Modi’s uncle Mehul Choksi also cheated the bank by accessing fake LoUs. They both opted similar modus operandi. The ED registered a case against Nirav Modi under the provisions of PMLA. In the Nirav Modi case, the agency attached 21 immovable properties worth Rs 523.72 crore. The attached assets include a farm house in Alibaug, Solar Power Plant, 135 acre land in Ahmed Nagar, residential and office properties in Mumbai and Pune.

So far, the investigating agency has conducted 198 searches that led to the seizure of gold, diamond, platinum, silver, precious-semiprecious stones, jewellary, watches of stock value more than 5100 crores, shares and mutual funds to the tune of Rs 124 crores belonging to Mehul Chokshi and Nirav Modi. The ED has also seized bank accounts with balance Rs 38.7 crores , 13 luxury cars belonging to Nirav Modi, Neeshal Modi and Mehul Choksi.(Agencies)

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