A Mumbai Special Court on Tuesday allowed the monetisation of properties worth Rs 2,565.90 crore of Mehul Choksi, the Enforcement Directorate said through a social media post. These properties were seized by the investigative agency since 2018, as part of its probe against Choksi in the alleged Punjab National Bank Fraud case.
The decision by the court came after ED, along with Punjab National Bank and ICICI Bank Ltd., filed a plea with the court. "A concerted effort was put by ED in collaboration with PNB and ICICI Bank (victims of the bank fraud) and an application for restitution of assets was filed in the Mehul Choksi case," ED said in a post on X.
Hon'ble Special Court (PMLA), Mumbai allowed “monetisation of properties” amounting to Rs. 2565.90 Crore attached or seized by the ED, Mumbai in Mehul Choksi case (PNB fraud case). ED ongoing efforts for restitution of properties worth more than Rs 125 Crore to their rightful…
Following this order, the handover of assets, including properties worth Rs 125 crore, has begun.
Choksi and his nephew Nirav Modi are wanted by the ED and CBI for allegedly defrauding the PNB to the tune of Rs 13,400 crore in collusion with a few of its employees.
The agency registered the first FIR on Jan. 31, 2018, against Nirav Modi, his wife Ami, brother Nishal and uncle Choksi, along with others following the Jan. 29, 2018, complaint by Deputy General Manager of PNB's Zonal office in Mumbai.
The CBI registered two more FIRs subsequently. Most of the accused are common to these FIRs. Non-bailable warrants have also been issued against them.
Choksi had claimed that he neither left India to avoid criminal prosecution nor was he refusing to return, "but he has been unable to return due to reasons beyond his control".
It is believed that Choksi is residing in Antigua and Barbuda and India is seeking Choksi's extradiction, which he has contested in local courts.
After the post by ED, shares of Punjab National Bank rose as much as 2.09% to Rs 111.04 apiece on the NSE. The stock closed 1.56% higher at Rs 110.47 per share. This compares with a 0.04% decline in the benchmark Nifty 50.
The stock has risen 24.90% in the last 12 months and 12.96% year-to-date.
Out of 18 analysts tracking the company, eight maintain a 'buy' rating, five recommend a 'hold' and five suggest 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 1.2%.
Watch LIVE TV, Get Stock Market Updates, Top Business, IPO and Latest News on NDTV Profit.
