Mumbai: Significant progress in the process of auctioning the properties of fugitive diamond merchant Mehul Choksi, special court allowed the sale of Choksi’s properties worth more than Rs 2,565 crore

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Mumbai: There has been significant progress in the process of auctioning the properties of fugitive diamond merchant Mehul Choksi. A special court in Mumbai has allowed the sale of Choksi’s properties worth more than Rs 2,565 crore. The amount received from the sale of these properties will be kept as fixed deposits (FD) in the name of the affected banks, so that the victims can be refunded their amount.

So far, an amount of Rs 125 crore has been returned to the victims from the sale of properties related to Gitanjali Gems Limited. These properties include six flats, two factories and warehouses located in Santacruz, Mumbai.

Properties seized in India

In 2018, the ED seized 41 properties of Choksi and his group with an amount of ₹ 1,217.2 crore. These include

15 flats and 17 office complexes in Mumbai

A mall in Kolkata

A 4-acre farm house in Alibaug

231 acres of land in Nashik, Nagpur, Panvel (Maharashtra) and Viluppuram in Tamil Nadu

A 170-acre park in Ranga Reddy district of Hyderabad, estimated to be worth more than ₹500 crore

Flats in Borivali (East) and Santacruz (East) areas of Mumbai

Two factories and warehouses in Santacruz Electronics Export Processing Zone (SEEPZ) in Mumbai have also been seized.

Tightening grip on Mehul Choksi

Among the seized properties of Mehul Choksi, there is also a property in Malabar Hill area which is at a prime location. ED has started the process of auctioning the property which it has seized. Gokul Apartment Malabar Hill, on the 9th/10th floor of which Mehul Choksi has a duplex flat. He has done illegal construction on the 11th floor.

There are notices of ED, CBI, different banks, BMC society electricity bill on the doors and walls of the flat. The flat is about seven thousand square feet, whose value is about 70 crores, which has now become a ruin. Trees and plants have grown out of the flat. Due to which the walls of the lower flights and the society are getting damaged. Let us tell you that Mehul Choksi and his nephew Nirav Modi are accused of committing a fraud of more than Rs 13,000 crore from the Brady House branch of PNB in ​​2018.