Big Action in Mehul Choksi-PNB Scam
The court has taken this decision on the petition of the affected banks (PNB, ICICI) and the ED. The court has said that the amount received from the sale of the properties will be deposited in the form of an FD in PNB and ICICI banks. Choksi had taken a large loan from ICICI, which was not repaid. Many properties of Choksi’s company Gitanjali Jewels Limited have been sold and 125 crore rupees have been returned to the people. These properties included flats in Mumbai, two factories, and a warehouse. Choksi and his nephew Nirav Modi are the main accused in the 2018 PNB scam. According to the Fugitive Economic Offenders Act, any person who has been issued a warrant by a court in India and has fled the country or refuses to return to face trial can be declared a fugitive economic offender. Choksi and his nephew Nirav Modi have been declared wanted by the ED and CBI for cheating PNB of 13,400 crore rupees along with some bank employees. Efforts are being made to extradite both of them. Nirav Modi has already been declared a fugitive economic offender. He has been in a London jail since 2019. Mehul Choksi is living in Antigua-Barbuda, a country with which India does not have an extradition treaty.
