New Delhi, Nov 24 (LatestNewsX) – The Enforcement Directorate (ED) has moved a major step toward recouping assets tied to the Punjab National Bank (PNB) fraud by transferring four residential flats in Mumbai to a liquidator for auction. The properties, located in Project Tatva, Urja – A Wing on Dattapada Road, Borivali (East), were officially handed over on November 21, clearing the way for the liquidation to benefit the banks, secured creditors and other legitimate claimants.
According to the ED, this handover is part of a broader push to recover assets in the sprawling bank‑scandal. So far, the liquidator of Gitanjali Gems Ltd. has taken in roughly Rs 310 crore worth of immovable and movable assets across Mumbai, Kolkata and Surat. “Till now, immovable/movable properties located at Mumbai, Kolkata and Surat collectively having a worth of Rs. 310 Crore (approx.) were handed over to the Liquidator of M/s Gitanjali Gems Ltd,” the ED said in a press release.
The PMLA investigation revealed that Choksi, together with associates and PNB officials, fraudulently obtained Letters of Undertaking and Foreign Letters of Credit from 2014 to 2017, causing the bank a loss of nearly Rs 6,097.63 crore. He also defaulted on loans from ICICI Bank. “He had also taken a loan from ICICI Bank and had defaulted on that loan too,” the ED said.
During the probe, the ED searched more than 136 locations across India, seizing diamonds, jewellery and other valuables linked to the Gitanjali Group worth Rs 597.75 crore. Overall, assets amounting to Rs 2,565.90 crore have been seized or attached and three prosecution cases have been filed.
To speed up repayment, the ED and the borrowing banks approached the Special PMLA Court in Mumbai seeking clearance to evaluate and auction the seized properties. The court approved the request, instructing that the sale proceeds be deposited as fixed deposits with PNB and ICICI Bank. “The Court passed an order stating that ED would facilitate the Banks, Liquidators in different Gitanjali Group of Companies to carry out valuation and auction of the attached or seized properties and after auction of the said properties, the sale proceeds amounts would be deposited in the PNB/ICICI Bank as FDs,” the ED said. “Further, the remaining assets are being handed over to the Liquidator/Banks as per the order of the Hon’ble Spl. Court (PMLA),” it added.
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