PNB Scam: ED Attaches 41 Properties Worth Rs. 1,217 Crore Connected To Mehul Choksi

| March 1 , 2018 , 14:29 IST

In continuation of the probe into the Punjab National Bank (PNB) scam, the Enforcement Directorate (ED) attached 41 properties worth Rs 1,217 crore connected to Gitanjali Gems and its owner Mehul Choksi, the ED said on Thursday.

The attached assets include 17 offices and 15 floors in Mumbai, a shopping mall in Kolkata, a four-acre farm in Alibaug and 231 acres of land in locations such as Nasik, Nagpur, Panvel and Villupuram in Tamil Nadu, along with 170 acre park in Hyderabad's Ranga Reddy district valued at over Rs 500 crore.

Four flats in Borivali East, Maharashtra and nine in Khemu Towers, Santacruz (east) have also been attached.

"The total value of the 41 seized assets controlled by Choksi has estimated at Rs 1,217.2 crore," the Enforcement Directorate stated.

Also Read:  PNB Scam: Govt Agencies Are Creating Havoc, Says Mehul Choksi, Claiming His Innocence

The fraud took place by billionaire jeweller Nirav Modi and his associates, including Mehul Choksi, acquiring fraudulent Letters of Undertaking (LoUs) from a Mumbai branch of the Punjab National Bank, issued in the name of the bank. The scam was reportedly worth Rs 12,000 crore and took place with the alleged participation of employees of the bank.

An FIR was already registered by the CBI and Enforcement Directorate earlier, against both the accused. Both Choksi and Modi left the country before criminal cases were brought against them.

Mehul Choksi claimed innocence in the PNB scam.