The Enforcement Directorate has transferred four Mumbai flats linked to Mehul Choksi to the liquidator of Gitanjali Gems to speed up monetisation and compensate victims of the PNB fraud. This marks a crucial shift from asset seizure to real recovery for banks and affected stakeholders.
Fugitive businessman Mehul Choksi faces a legal setback as a Belgian court postpones a hearing on his plea against arrest linked to the ₹ 13,000-crore PNB scam. Choksi argues his arrest was mishandled and denies basic rights. His extradition is actively pursued by Indian authorities as he seeks bail.
Finance Minister Nirmala Sitharaman reported in the Lok Sabha that the Enforcement Directorate (ED) has recovered Rs 22,280 crore in illicit assets, aiding public sector banks and defrauded investors. Key recoveries include Rs 14,132 crore from Vijay Mallya and Rs 1,053 crore from Nirav Modi. The government remains committed to combating economic offenses.
The Bombay High Court summoned Mehul Choksi, a key accused in the PNB scam, to appear before the court. The court expressed concern about his absence and rejected his petitions, questioning his whereabouts. Choksi’s lawyer argued against his fugitive status, while the ED informed that proceedings to declare him a fugitive are ongoing. The court adjourned the hearing to August 12.
![[PNB Scam] Gitanjali Group Ex-Staffer Gets Interim Bail; CBI Seeks Custody](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/07/image-73-2.png?resize=447%2C320&ssl=1)
Former Gitanjali Group executive Sunil Varma, accused in the PNB scam, was granted interim bail by an anti-money laundering court. The CBI sought custody, alleging his involvement in orchestrating the scam. Varma, who had been evading the authorities, appeared in court following the suspension of a non-bailable warrant. Varma’s lawyer argued that the summons were incorrectly served.
Mehul Choksi, a central figure in the PNB scandal, disputes being labeled a “fugitive economic offender,” citing factors beyond his control for his inability to return to India. Through his lawyer, he seeks critical documents from the Mumbai passport office to support his contention. The legal battle surrounding Choksi’s case has sparked significant attention and complexities.
