In a major step towards securing restitution for banks and victims in the Mehul Choksi–PNB loan fraud case, the Enforcement Directorate (ED), Mumbai Zonal Office, has handed over four attached residential flats in Mumbai to the liquidator for further monetisation. The ED stated that the properties, located in Project Tatva, Urja – A Wing on Datthapada Road in Borivali (East), were transferred on November 21, 2025.
According to the ED, this move will enable the liquidator to carry out valuation and auction of the assets for the benefit of secured creditors, victims, and other legitimate claimants. The agency further stated that with this latest transfer, movable and immovable properties worth approximately ₹310 crore across Mumbai, Kolkata and Surat have so far been handed over to the Liquidator of Gitanjali Gems Ltd.
The ED has stated in its investigation under the Prevention of Money Laundering Act (PMLA) that Mehul Choksi, along with associates and Punjab National Bank officials, fraudulently obtained Letters of Undertaking and Foreign Letters of Credit between 2014 and 2017, causing a wrongful loss of ₹6,097.63 crore to the bank. The ED also noted that Choksi had taken loans from ICICI Bank and subsequently defaulted.
According to the ED, as part of the probe, searches were conducted at more than 136 locations across India, during which jewellery and other valuables worth ₹597.75 crore linked to the Gitanjali Group were seized. The agency further stated that additional attachment orders were issued for movable and immovable properties valued at ₹1,968.15 crore, which included real estate in India and overseas, factory units, bank accounts, vehicles, shares of listed companies, jewellery, and other assets. In total, the ED has reported that assets worth ₹2,565.90 crore have been seized or attached in the case, and three prosecution complaints have been filed to date.
The ED has also stated that, to expedite the recovery process, it jointly approached the Special PMLA Court in Mumbai along with creditor banks, seeking coordinated permission to begin monetisation of the attached properties. The ED informed that the court accepted this request and directed the agency to facilitate the banks and liquidators of the various Gitanjali Group companies in undertaking valuation and auction of the assets, with the
proceeds to be deposited in PNB and ICICI Bank as fixed deposits.
According to the agency further handover of attached properties to the banks and liquidators is currently underway as per directions of the Special Court, marking continued progress in efforts to maximise recovery in one of the country’s most high-profile banking fraud cases.
