In a pivotal development in the Mehul Choksi-led Punjab National Bank (PNB) fraud case, the Enforcement Directorate (ED) has been directed by a Special Prevention of Money Laundering Act (PMLA) Court in Mumbai to monetise properties worth ₹2,565.90 crore. The move, announced on Tuesday, is intended to aid financial institutions, including PNB and ICICI Bank, in recovering substantial losses incurred due to the massive scam.
The court’s directive followed an application filed by the victim banks, supported by the ED, advocating for asset liquidation to offset the financial damage. Among the seized properties already handed over to a liquidator are high-value flats in Mumbai and factory premises in SEEPZ, Andheri (East), collectively valued at over ₹125 crore. Further transfer of attached assets is ongoing, according to ED officials.
Between 2014 and 2017, Mehul Choksi, in collaboration with associates and PNB officials, fraudulently secured Letters of Undertaking (LoUs) and Foreign Letters of Credit, causing a staggering loss of ₹6,097.63 crore to PNB. Choksi, the former promoter of Gitanjali Gems Ltd, is also accused of defaulting on loans obtained from ICICI Bank.
As part of its extensive investigation, the ED conducted searches at over 136 locations across India, leading to the attachment and seizure of assets linked to Choksi and his Gitanjali Group. These include immovable and movable assets valued at ₹1,968.15 crore, jewellery worth ₹597.75 crore, luxury properties in India and abroad, vehicles, company shares, and bank accounts.
The monetisation of these assets marks a critical step in recovering funds lost in one of India’s largest financial frauds. However, for victims and stakeholders, the process represents only a partial resolution to a case that has spotlighted systemic vulnerabilities in banking operations. The ED continues to pursue other leads in the case as Choksi remains a fugitive from Indian law.
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