The court rejected the application of fugitive Mehul Choksi, ICICI Bank took possession of the flat and bungalow!

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Mumbai Court Rejects Mehul Choksi Plea: A special court in Mumbai has rejected Mehul Choksi's plea against the Enforcement Directorate's plea to declare him a fugitive. The court was told by the Indian government that he is absconding and hiding in Antigua due to the investigation into the Rs 13 thousand crore PNB scam. The court was hearing a plea filed by ICICI Bank seeking permission to take possession of two properties seized by the Enforcement Directorate during the PNB scam probe. The value of these properties has been estimated at Rs 636 crore.

Argument of Mehul Choksi's counsel

Choksi's lawyer Vijay Aggarwal argued that a flat in Gokul building in Raigad district belongs to Mehul Choksi and since he is the owner of the property, the court cannot restore the property to the bank without hearing him. However, ICICI Bank opposed Mehul Choksi's intervention in the matter.

What did the court say?

After hearing the arguments of both the parties, the judge said that this property is not the personal property of the accused. The companies that own both the properties are N&J Finstock Pvt Ltd, Rohan Mercantile Pvt Ltd, Gitanjali Infratech Ltd and Hyderabad Gems SEZ Ltd. "I do not see any legal weight in Mehul Choksi's application for leave to intervene in the proceedings," the judge said. Therefore, this application is dismissed.

What is the matter?

The CBI had on January 31, 2018 registered a case against Nirav Modi, brother Nishal and several others for defrauding PNB of Rs 6,498 crore. Apart from this, in a separate case, the agency had filed a case against his uncle Mehul Choksi and some PNB officials, including others, for defrauding the bank of Rs 7,080 crore using the modus operandi. Investigations by the CBI revealed that between 2011 and 2017, about 1,214 LoUs of approximately Rs 23,780 crore were fraudulently issued by PNB to various foreign banks and a US diamond company. When the scam came to light in January 2018, 150 of the total LoUs, i.e. around Rs 6,498.20 crore, were exposed.

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