PNB Fraud Mehul Choksi Properties Attached Ed

PNB Fraud: Mehul Vigilance’s property attachment of 1217 crores; 15 flats, 17 office and 231 acres included

 

Fraud of Rs. 12,672 crores in PNB started from PNB’s Brady House Branch in 2011.

 

In the PNB fraud case, Enforcement Directorate took action on Thursday for companies owned by Mehul Vigilance. In this, 41 properties of 1217.20 crore were attached. These include 15 flats in Mumbai, 17 offices, M / s Hyderabad SEZ in Andhra Pradesh, a shopping mall located in Kolkata, 231 acres located in Alibag based form house and Maharashtra with Tamil Nadu. The main accused of this scam, Nirv Modi and Mehul, are out of the country. Let us know that the CBI has so far arrested 13 people in this case.

 

What action was taken on Wednesday?

 

PNB officer arrested

Earlier on Wednesday, the CBI had arrested PNB’s internal chief auditor MK Sharma in a scam worth Rs 12,672 crore. On the initiative of the Income Tax Department, the Bureau of Immigration issued the Lookout / Blue Corner Notice against the main accused of the fraud, diamond trader Neerav Modi and Mehul Chowkis.

According to the investigating agency, Internal Chief Auditor MK Sharma had the task of monitoring the Auditioning system of Brady House Branch of PNB and its related activities. Also to report to the zonal audit office about any irregularity. CBI is interrogating Sharma in this case.

 

4 more property attachments

– The Income Tax Department attached the 4 properties of the Nirav Modi Group on Wednesday. It includes a 130 million rupees farmhouse in Alibag and a Rs 70 crore solar plant in Ahmednagar. Apart from this, IT has attached 34 bank accounts and FDs of Gitanjali Group’s 1.45 crore balance.

 

What action has been taken so far?

– In the PNB scam, the ED raided the showroom of Gitanjali Jewelers across the country. During this, jewelery worth 22 crores was seized and properties worth several thousand crores were attached.

At the same time, properties worth Rs 6,393 crore related to Nirav Modi have been seized. Valuations of jewelery and property seized from the locations of noiseless and vigilantes are being done.

– In the case, 13 people were arrested by February 28. They have 6 bank officers and other staff.

 

What is PNB scam?

– PNB gave information about the Rs 11,421 crore scam to Sebi and Bombay Stock Exchange last week. The scam happened in Mumbai’s Brady House Branch. Between 2011 and 2018, thousands of crores of rupees were transferred to foreign accounts through 297 fake letter of undertaking (LoUs).

– PNB recently gave the information of the new fraud of Rs 1,251 crore to the CBI in the bank. This Mehul is associated with the company’s watchman Gitanjali James. Thus PNB fraud has increased from 11,421 to 12,672 crores.

 

What will be the property of Neerav-Mehul?

 

– Advocate Subodh Kumar Pathak said that the action of ED is taking place under Prevention of Money Laundering Act (PMLA). This is a criminal case. There is a provision in the Act that if the accused has made a property or asset from the tainted (wrongly earned) money, then it can be seized. But until a lawsuit is settled, its auction or sale can not be done. If on the basis of a supplier’s documents on seized diamonds and jewelery, it claims that he had given these diamonds and jewelery to Neerav Modi for sale, then the matter would be intriguing. If that person’s claim is right, then he may have to return it to the diamond-jewelery.

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