Mehul Choksi moves Bombay Hight Court over seized assets

By

Isabelle Crossley

Published
Sep 30, 2019

Accused jewellery tycoon Mehul Choksi has moved the Bombay High Court hoping to gain a revaluation and reinstatement of his assets, which have been seized by the Enforcement Directorate in the ongoing Punjab National Bank case.

Choksi has once again challenged the Enforcement Directorate’s measures taken against him in the ongoing PNB fraud case where he stands accused, along with his Nephew Nirav Modi, ET Bureau reported.

In Choksi’s latest filing, he states that his goods that were seized by the ED have been “undervalued” and is seeking a revaluation of the situation. However, the ED feels that Choksi is merely seeking to delay proceedings with his latest filing. 

Choksi’s argument, according to his filing seen by ET Bureau, is that his goods seized in Hyderabad were previously valued by a registered valuer at Rs 3,840 crore ($577.2 million) but were later valued by the ED at Rs 103.08 crore. Choksi also stated that, under the Prevention of Money Laundering Act, only goods that are the proceeds of a crime may be seized but he believes that some of the seized goods were indeed procured legally. 

Choksi’s lawyers filed his application at the Bombay High Court soon after the Prime Minister of Antigua and Barbuda, Gaston Alfonso Browne, stated that Choksi will be extradited to India after he exhausts all legal appeals available to him.

Choksi is believed to be residing in Antigua and took citizenship through the investment route before news of the PNB scandal broke in the media.