ED Hands Over 4 Apartments of Mehul Choksi to Liquidators to Compensate Victims Who Lost Money in the PNB Fraud Case

In a major move towards the restitution of assets linked to the massive Punjab National Bank (PNB) fraud case, the Enforcement Directorate (ED) on November 21, 2025, facilitated the handover of four attached flats belonging to fugitive Mehul Choksi in Mumbai to the appointed Liquidator.The properties, located in the Tatva, Urja – A Wing project in Borivali (East), Mumbai, were attached in the case involving Choksi and his associates. The handover is part of the ED's ongoing efforts to enable the Liquidator to proceed with the monetization of assets for the benefit of victims, secured creditors, and other legitimate claimants of the fraud.

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Rs. 6,097.63 crore loss to PNB

The ED's investigation under the Prevention of Money Laundering Act (PMLA) has revealed the shocking scale of the financial crime. According to the agency, Mehul Choksi connived with his associates and certain PNB officials between 2014 and 2017 to fraudulently secure Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs) from PNB, resulting in a wrongful loss of Rs. 6,097.63 crore to the bank. Furthermore, ED noted that Choksi had also taken a loan from ICICI Bank and defaulted on its repayment.
 

Properties worth Rs. 310 crores already handed over

The ED has confirmed that, to date, immovable and movable properties located in Mumbai, Kolkata, and Surat, collectively valued at Rs. 310 crore, have been handed over to the Liquidator of Choksi's company, Gitanjali Gems Ltd.

Who is Mehul Choksi and why is he a fugitive?

Mehul Choksi is a diamond trader and uncle of Nirav Modi who are all wanted for high-profile financial crime. The Rs. 13,000 crore PNB scam broke out in January 2018 after a new bank official revealed Choksi's firms were fraudulently obtaining Letters of Undertaking (LoUs) via the SWIFT system, bypassing the core banking system. Choksi fled just before the complaint and is currently in Belgium. His extradition to India is pending a final appeal before Belgium's Supreme Court on December 9, 2025.