The Prevention for Money Laundering Act (PMLA) authority has asserted that the 41 properties that the Enforcement Directorate (ED) has attached to the case against jeweller Mehul Choksi are money laundering assets.
As Indian authorities are working to initiate the extradition process of the fugitive jewellery tycoon Mehul Choksi from Antigua to India, the PMO is researching any pending inquiries made into Choksi in 2017.
One of the main defendants in India's largest bank fraud case made a court application on Monday for cancellation of an arrest warrant against him, citing fears for his life due to growing mob lynchings in the country.
On July 4, shares of Mehul Choksi’s jewellery brand Gitanjali Gems dropped by over three percent following the ED’s application to a special Mumbai court to label Choksi a “fugitive economic offender”.
The ED is set to ask a special court in Mumbai to brand jewellery tycoon Mehul Choksi a "fugitive economic offender" and confiscate over Rs 6,000 crore ($900 million) in assets as part of the PNB fraud case.
On June 29, the Enforcement Directorate (ED) announced that it has filed a prosecution complaint against the owner and promoter of Gitanjali Gems, Mehul Choksi, as part of the Punjab National Bank (PNB) fraud case.
U.S. jewelry chain Samuels Jewelers has hired a turnaround adviser at the request of its creditors in a bid to avoid the fate of brick-and-mortar retailers that filed for bankruptcy amid intensifying competition.
The Odisha government has cancelled permissions to Gitanjali Group subsidiary Gitanjali Infratech Ltd for its Rs 636 crore (approx $99 million) jewellery park post its involvement in multi-crore PNB scam.