ED attaches 41 Choksi assets worth Rs 1217 crore


As many as 41 properties of Mehul Choksi of the Gitanjali Group, worth Rs 1,217 crore, have been attached by the Enforcement Directorate (ED) in connection with an ongoing probe into the Rs 12,600 crore Punjab National Bank fraud case.

Choksi and designer diamond jewellery businessman Nirav Modi and others are being investigated by the ED and other probe agencies after the PNB scam came to light.

The United States government is aware of media reports that diamond jeweller Nirav Modi is in the country but is unable to confirm them, a State Department official said on Thursday.

Earlier, the amount stated to have been defrauded by Modi and Choksi's companies stood at Rs 11,300 crore.

On Wednesday, a Blue Corner notice was issued against Modi and Choksi.

The agency had earlier asked Modi on his official email id to join the investigation related to Rs 12,636 crore scam pertaining to fraudulent issuance of the LoUs and Letters of Credit (LCs) from Brady House branch of PNB in Mumbai in favour of his and his uncle Mehul Choksi's companies, they said.

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It has also told secured lenders it was in discussions with lenders for debtor-in-possession financing as it weighed options.

"In 2017, we were engaged by Firestar International Ltd (FIPL) and Firestar Diamond International Pvt". Both are DE incorporated.

"The total value of the 41 seized assets controlled by Choksi has estimated at Rs 1,217.2 crore", the Enforcement Directorate stated.

The IT Department had also attached four properties of the Nirav Modi group, including a farmhouse worth Rs 13 crore in Alibaug, and a 5.24 MW solar power plant worth Rs 70 crore in Ahmednagar. India's Finance Ministry on Tuesday set a 15-day deadline for state banks to take action to improve their oversight of operational and technological risks.

ICICI Bank, however, said it has an exposure to Gitanjali, but not to firms promoted by Nirav Modi, who is the alleged kingpin of the almost Rs13,000-crore fraud. "Move towards cost efficiencies and synergies in overseas market", but did not name the banks or the affected operations.