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Published
Jul 16, 2018
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ICICI Bank works to recover Rs 800 crore from Gitanjali group

Published
Jul 16, 2018

As the lead banker to Mehul Choksi’s jewellery business Gitanjali Gems, ICICI Bank has stated that it is working to attach assets amounting to over Rs 800 crore ($120 million) under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Sarfaesi) Act.

ICICI Bank has stated that it is working to attach assets amounting to over Rs 800 crore - Gitanjali Gems- Facebook


ICICI Bank has sought to attach various Gitanjali Group properties in order to recover multiple unpaid loans worth over Rs 800 crore. This money is on top of the Rs 13,400 crore fraud reported at the Punjab National Bank (PNB) where both Choksi and his nephew, the jeweller Nirav Modi, are accused and the fraud total for all banks involved crosses Rs 20,000, the largest fraud in India’s banking history. Because of this high total, lenders have arranged to meet to decide the way forward.

The assets that ICIC Bank is working to attach include three brands: Gili, Sangini, and Asmi. These brands are owed by Gili India and Nakshatra Brands of the Gitanjali Group.

Real estate assets have been attached including SEZ Properties in Nashik and Hyderabad, land at Panvel, offices in the Bandra Kurla Complex, and Seepz, SEZ.

According to the Sarfaesi Act, lenders can attach and sell properties on defaulters and their guarantors but lenders must give a 60 day notice before attaching a property.

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