Friday, June 18, 2021
Home News Reports State Bank of India moves to recover Rs 405 crore from fugitive businessman Mehul...

State Bank of India moves to recover Rs 405 crore from fugitive businessman Mehul Choksi

Mehul Choksi's companies had pledged shares and mortgaged properties against their loans

India’s largest bank State Bank of India has moved to recover defaulted loan amount of Rs 405 crore on diamantaire and fugitive businessman Mehul Choksi. The move has come days after Mehul Choksi surrendered his Indian citizenship and handed over his Indian passport in Antigua.

According to an Economic Times report, SBI had extended working capital loan to Gitanjali Gems Ltd, Bandra Kurla Complex, Gemplus Division at Andheri East, premises in Bharat Diamond Bourse, a property in Santacruz and a plot in Maheshwaram Mandal in Rangareddy district of Telangana. Against this, the group had pledged shares and also mortgaged properties.

Choksi is a guarantor of 12-defaulting accounts of companies like Decent Securities and Finance Ltd, Decent Investment and Finance Ltd, and Nashik Multi Services Ltd, located in Bandra Kurla Complex, and the Hyderabad Gems SEZ Ltd at Telangana.

The properties against which the loan was sanctioned are situated at Cumballa Hill, Bandra Kurla Complex, Andheri areas of Mumbai, Panvel, Raigad, Nashik, Hyderabad and Telangana belonging to Choski and his group of companies. They include residential and commercial complexes with multi-parking facilities.

SBI, in December last year, had served notice at the last known address of the group of companies. The notice was sent in accordance with section 13(2) of the Securitisation and Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002. The provision enables the creditor to serve a deadline of sixty days to defaulter party and exercise rights to recover the defaulted amount.

Earlier this month, Enforcement Directorate had issued a provisional order to attach his Thailand factory, worth Rs 13 crore.

Nirav Modi, his uncle Mehul Choksi and others are being probed under various criminal laws after the Indian financial sector was rocked by a startling revelation of fraud early last year following a complaint by the Punjab National Bank (PNB). Both Nirav Modi and Choksi are currently absconding. Mehul Choksi is reported to be residing in the Carribean country of Antigua, and taken citizenship of the country, with which India doesn’t have an extradition treaty.

In December last year, his advocates had given an assurance to the court that their client is fully cooperating with banks to settle the case. They also said that Choksi cannot travel to India due to his bad health.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

Haryana: Man burnt alive to make him ‘martyr’ against farm laws, villagers demand security from ‘farmers’ at Tikri border

As per reports, casteist slurs were hurled towards Mukesh after which he was set on fire. A video of him being set on fire has gone viral on social media where one can hear casteist abuses being thrown at him before he was set ablaze.

How a personal animosity was turned into defaming ‘Jai Shri Ram’ chant: All you need to know about Ghaziabad incident

The chronology of what all transpired in the fake 'hate crime' story where an elderly Muslim man claimed he was attacked and forced to chant 'Jai Shri Ram'

Mamata Banerjee govt recommends suspension of several accounts from Twitter, YouTube and Facebook, for criticising her: What we know

Sources indicate that Govt of West Bengal recently recommended the suspension of over 200 accounts for criticising Mamata Banerjee

The churn in Bengal BJP is normal and on expected lines. Here is why I don’t worry too much about it

Candidates don’t matter so much in Bengal, party affiliations do. The TMC proved this beyond all possible doubt in 2021.

The Wire tries to force fit a ‘hate crime’ angle in Ghaziabad incident only because victim is a Muslim

The Wire lowers its bar, goes from whitewashing Islamist terrorists to defending random 'taveez maker' from rural Uttar Pradesh

‘Based on social media narrative than evidence and chargesheet: Delhi Police files SLP after Pinjra Tod accused get bail

On 15th June, the Delhi High Court granted bail to Jamia Milia Islamia student leader Asif Iqbal Tanha, far-left ‘activists’ Devangana Kalita and Natasha Narwal in the Anti-Hindu Delhi riots case.

Recently Popular

Salman Khan’s ‘Radhe – Your Most Wanted Bhai’ earns Rs 17,792 over three days from two theatres in Maharashtra: Details

Citing low occupancy, the theatres screening Salman Khan starrer Radhe: Your Most Wanted Bhai have reduced number of its daily shows

Virtual hearing embarrassment: Congress leader Abhishek Manu Singhvi caught attending the court proceedings without pants

Abhishek Manu Singhvi was caught attending court proceedings in boxer shorts when one of the screens accidentally fell off and showed the naked legs of the senior advocate

As Yogi Sarkar lodges FIR against Twitter, 8 others, Alt News co-founder Zubair deletes fake hate crime video: Details

The UP Govt has initiated action against Twitter for failing to take down tweets that spread misinformation about a crime in the state.

Dhruv Rathee fans mark YouTuber Karolina Goswami for targeted harassment after she exposed his lies

After Karolina Goswami pointed out the factual errors and mistakes in the Dhruv Rathee video, Rathee's supporters have been harassing and abusing Goswami.

Pakistani audience go ballistic over Zee5 web series featuring Muslim girl-Indian Hindu boy love story, call it ‘haram’

The Pakistani web series features the love story between a Pakistani Muslim girl and Indian Hindu boy who have both lost their fathers to the conflict between the two nations.

Ghaziabad fake hate crime case: Unmuted video of elderly man seconds before he was beaten up released. Watch

In the video, Abdul can be heard admitting that one Intezar sent some people to him to make the 'tabeez' (occult amulet) and put them in his spell as he had some work from them.
- Advertisement -

 

Connect with us

255,564FansLike
554,266FollowersFollow
24,400SubscribersSubscribe