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.
This story is from the December 11, 2024 edition of Hindustan Times Pune.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 11, 2024 edition of Hindustan Times Pune.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
I'm humbled by the love: Rupal on AI-generated viral deepfake video
It took a few seconds to understand that it was an AI video. It was a surprise as well as a shock. I am thankful to the makers of the video, who worked so to come up with something so interesting RUPAL PATEL, Actor
I won't get industry support despite the success of Bhool Bhulaiyaa 3
Even though actor Kartik Aaryan has spent over a decade in showbiz and has gained considerable success, he feels that he still won't get support from fellow members of the film industry.
How data analytics can help India get back on track versus Australia
Head inflicted pain on the visitors in the 2nd Test; numbers show the short ball on a channel could stop the left-hander
THE CURIOUS CASE OF ROHIT BAL'S WILL
Has Rohit Bal left his assets to close friend Lalit Tehlan or to his family? Both parties claim they have the legitimate will
Bye Fergie Time, hello Alonso Time
The second season, according to Manolo Marquez, can be more difficult. \"Now, they are the surprise of the league; next year all the people will know these players,\" he had said after getting Hyderabad FC to punch above their weight in his first Indian Super League season.
Smriti ton in vain as Aussies sweep series
Chasing 299 against Australia in Australia is no mean feat. But as long as Smriti Mandhana was in flow, India were in with more than a decent chance.
'Traditional' fare in prospect on Gabba green top
BRISBANE: After the defeat at the Adelaide Oval, the Indian team won't mind making its way to the Gabba because as soon as they step foot on the ground, pleasant memories of their last trip here when they had become the first side to beat the hosts at the venue since 1988 will come rushing to them.
SMAT: RAHANE POWERS MUMBAI, DELHI OUST UP TO ENTER SEMI-FINALS
ALUR: Out-of-favour India batter Ajinkya Rahane's explosive fifty capped Mumbai's stunning six-wicket victory over Vidarbha and their entry into the semi-finals of the Syed Mushtaq Ali Trophy here on Wednesday.
New RBI guv takes over as growth slows, inflation rises
NEW DELHI: India got a new central bank governor on Wednesday, career civil servant Sanjay Malhotra, who has taken office at a time when the country's economic growth is slowing and inflation is surging.
Acme Solar secures 250 MW green project in NHPC auction
NEW DELHI: Acme Solar Holdings on Wednesday said the company has bagged a renewable energy project of 250 MW in an auction held by NHPC.
