ED Transfers Rs 125 Crore in Assets to Gitanjali Gems Liquidator

Mumbai: The Enforcement Directorate (ED) has transferred properties worth over Rs 125 crore to the liquidator of Gitanjali Gems Ltd. as part of its ongoing efforts to recover losses from the Punjab National Bank (PNB) scam, involving fugitive businessman Mehul Choksi. This move aims to provide restitution to the victims and rightful owners impacted by the money laundering case.

Working in collaboration with PNB and ICICI Bank, the ED has been working to monetize attached and seized properties, helping financial institutions recover their losses. The Special PMLA Court in Mumbai had earlier approved the monetisation of assets worth Rs 2,565.90 crore linked to Choksi.

As part of this process, the ED began transferring assets, starting with properties valued at Rs 125 crore, including flats in Mumbai and factory/godown units in SEEPZ. The transfer of additional properties is expected to continue in the coming months.

Between 2014 and 2017, Choksi, along with his associates and PNB officials, fraudulently secured Letters of Undertaking and Foreign Letters of Credit from PNB, causing a massive loss of Rs 6,097.63 crore. He also defaulted on loans from ICICI Bank. The ED’s investigation, covering 136 locations across India, resulted in the seizure of valuables worth Rs 597.75 crore and the attachment of assets valued at Rs 1,968.15 crore. These assets include properties in India and abroad, vehicles, bank accounts, factories, shares, and jewelry.

In accordance with court orders, the ED has been assisting banks and liquidators in evaluating and auctioning the attached assets. To date, six properties, including flats worth Rs 27 crore and two factory plots at SEEPZ valued at Rs 98.03 crore, have been handed over to the liquidator.

This marks a significant step forward in recovering losses from one of India’s most high-profile financial fraud cases. The restitution process is ongoing, with further transfers expected to take place in the coming months.