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HomeNewsPNB scam: Income Tax department confiscates Mehul Choksi's properties

PNB scam: Income Tax department confiscates Mehul Choksi’s properties

The properties of fugitive diamantaire Mehul Choksi, who is accused of the multi-crore scam at Punjab National Bank (PNB), have been confiscated by the Income Tax department, news agency ANI reported. The I-T sleuths have also seized Choksi’s nine acres of agricultural land in Nashik.

Last month, the Central government informed the Rajya Sabha that assets amounting to 19,111.20 crore relating to fugitives economic offenders Vijay Mallya, Nirav Modi, and Mehul Choksi have been attached by March 15 this year.

In the cases pertaining to Vijay Mallya, Nirav Modi, and Mehul Choksi who have defrauded Public Sector banks by siphoning off the funds through their companies which resulted in a total loss of 22,585.83 crore to the public sector banks, as of March 15, 2022, the Minister said, “assets worth 19,111.20 crore have been attached under the provisions of PMLA”.

In addition, the Minister said assets worth 335.06 crore have been confiscated by the government of India.

The Punjab National Bank scam relates to the fraudulent letter of undertaking issued by the bank. Jeweller and designer Nirav Modi is the key accused in the case. Both Choksi and Modi fled India after the PNB scam came to light in early 2018. Choksi, promoter and managing director of Gitanjali Gems is the maternal uncle of Nirav Modi. The stock market regulatory body has banned Choksi from the capital markets for one year and has also levied a fine.

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