ED plans to seize Mehul Choksi's assets in 10 countries
What's the story
The Enforcement Directorate (ED) has reached out to 10 countries in a bid to seize the assets of Mehul Choksi, the Economic Times reported.
Choksi, the main accused in the ₹13,850 crore Punjab National Bank fraud case, was recently arrested in Belgium.
He is likely to stay in Belgian custody for at least a week.
The ED wants to liquidate the assets to pay the victims of the bank fraud, while the Central Bureau of Investigation (CBI) pursues his extradition.
Asset recovery
ED has sent 15 letters rogatory to 10 countries
The ED has sent 15 letters rogatory (formal requests for judicial assistance) to Hong Kong, Singapore, Thailand, the United States, Belgium, China, Italy, Japan, the United Arab Emirates, and the United Kingdom.
These letters seek information about companies and assets linked to Choksi and his Gitanjali Group of Companies.
The agency has also sought enforcement of provisional orders by Indian authorities to seize Choksi's assets worth ₹85 crore in Thailand, the US, Japan, and the UAE.
Legal proceedings
Choksi's extradition process may take time
An ED official stated, "The aim is to return assets to the victims of the fraud. Although the extradition process for Mehul Choksi may take time, recovering the assets should not."
Meanwhile, Choksi's request for release from prison is expected to be heard within a week. He plans to seek bail on health grounds and based on "community ties."
If Belgian authorities determine India's request aligns with their laws, a local court will consider it.
Case progress
ED has secured restitution orders worth ₹2,566 crore
If the court favors India, the matter will be decided at the ministerial level in Belgium.
Choksi's nephew, Nirav Modi, another prime suspect in the bank fraud case, is in custody in London as New Delhi fights for his extradition.
So far, the ED has obtained restitution orders of ₹2,566 crore for fraud victims and attached assets worth around ₹1,968 crore, including 105 immovable properties worth over ₹1,600 crore across states, as well as jewelry and diamonds.