The connected belongings are within the type of immovable properties comprising of a flat admeasuring 1460 sq. ft at O2 Tower, positioned at Goregaon, Mumbai and movable belongings in type Gold, Platinum jewelry, Diamond Stones & Pearl-Silver Necklaces, Watches and Mercedes Benz automobile held in title of Gitanjali Group of corporations and its director Mehul Choksi.
The federal company had launched a probe into the PNB scandal in opposition to Mehul Choksi, Gitanjali Gems and others underneath the related provisions of Prevention of Money Laundering Act (PMLA), 2002 on the premise of an FIR registered by Central Bureau of Investigation.
It was alleged that Mehul Choksi, Gitanjali Gems and others have dedicated the offence of dishonest in opposition to Punjab Nationwide Financial institution in connivance with sure financial institution officers by fraudulently getting the letter of understanding (LOUs) issued and obtained the FLCs (international letter of credit score) enhanced with out following prescribed process and precipitated a wrongful loss to the financial institution.
Throughout investigation, the company mentioned in a press launch, underneath PMLA it’s revealed that PNB financial institution officers in connivance with Mehul Choksi, Gitanjali Gems and others initially issued FLCs for smaller quantity inside the sanctioned restrict and as soon as FLC quantity was generated, similar quantity was used for modification by means of enhancement of FLC by means of improve within the quantity and such enhancement of quantity was completed at 4-5 occasions greater worth of the unique FLC quantity and such amendments have been completed outdoors the CBS system and therefore it was not captured within the books of financial institution.
The company additional mentioned that it is usually discovered that department was holding paperwork of unique FLC quantity and no import paperwork of such elevated quantity have been discovered within the department and far of fraudulent FLCs funds have gone to liquidate the abroad exporter’s legal responsibility arising out of earlier FLCs/discounting of payments.
Earlier ED has already connected properties value greater than Rs 2,550 crores and now ED has connected belongings value Rs 14.45 crores of Gitanjali Group of Corporations and its director Mehul Choksi.