PNB Fraud Fallout: ED Begins Auction of Mehul Choksi’s ₹2,500 Crore Assets

New Delhi(The Uttam Hindu): The Enforcement Directorate (ED) has begun selling assets worth more than ₹2,500 crore as part of ongoing investigation in the ₹13,000 crore Punjab National Bank (PNB) fraud case of fugitive business tycoon Mehul Choksi. The two factories are in SEEPZ and six flats are in Santa Cruz.

The ED has initiated the auction process, in collaboration with affected banks, following a court order. The proceeds from the sale will be deposited as fixed deposits in Punjab National Bank and ICICI Bank.

Choksi, the accused, had left India way back in 2018. He is said to be the mastermind behind fraud, who with the help of bank officials, issued wrong Letters of Undertaking LOUs. The ED and the CBI had launched parallel investigations in 2018; Nirav Modi, his nephew, is already in British jail and fighting extradition to his native country.