MUMBAI: A special PMLA (Prevention of Money Laundering Act) court in Mumbai has permitted the monetisation of properties worth ₹2,565.9 crore that were attached or seized by the Enforcement Directorate (ED) since 2018 as part of its money laundering investigation against fugitive diamantaire Mehul Choksi in the alleged Punjab National Bank fraud.
Following the Tuesday order, the handover of assets has begun, with properties exceeding ₹125 crore, including Mumbai flats and two factories/godowns in SEEPZ, Andheri East, being transferred to the liquidator of Choksi's Gitanjali Gems Ltd.
The restitution of remaining properties is underway, according to ED sources. The court's decision followed an application from the victim banks, Punjab National Bank and ICICI Bank, for initiating the restitution process under section 8(7) and 8(8) of PMLA Act.
The application, which was backed by the ED, was pending for adjudication since November 2022 and such delay in the release/restoration of properties was delaying the recovery of public funds, the applicants stated.
The properties were also subject to general wear and tear and therefore, their value was decreasing day by day, the applicants added.
On Tuesday, the special court ordered that sale proceeds must be converted into fixed deposits (FDs) after deducting all costs and expenses incurred for the purpose of carrying out valuation/auction.
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