• Source:JND

The Enforcement Directorate (ED) is tightening the noose around the family of fugitive diamond merchant Mehul Choksi. Following the ongoing proceedings against Choksi, the agency is now reportedly preparing to file a charge sheet against his son, Rohan Choksi, for his alleged involvement in the USD 2 billion Punjab National Bank (PNB) scam.

Sources indicate that the ED will soon formalise charges against Rohan, who is currently residing in the United States. This marks a significant escalation in one of India’s largest financial fraud investigations.

New Evidence Surfaces Against Rohan Choksi

For the first time, the ED has explicitly claimed that Rohan Choksi was an "active" participant in the money laundering schemes orchestrated by his father. While the investigation into the PNB fraud began in 2018, Rohan’s name was notably absent from initial FIRs and charge sheets.

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However, recent breakthroughs in the money trail have provided investigators with fresh evidence. The ED alleges that Rohan served as a director in several "dummy companies" established by Mehul Choksi to facilitate the diversion of fraudulent funds.

Expanding Legal Net: Preeti Choksi Under Scrutiny

The Choksi family’s legal troubles do not end with Rohan. The ED is also moving to have Mehul Choksi’s wife, Preeti Choksi, officially declared a Fugitive Economic Offender (FEO).

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Once the charge sheet against Rohan is filed, the agency plans to approach a special court to seek a similar "fugitive" status for him as well. This designation allows the government to confiscate properties and assets linked to the accused, regardless of whether they are located in India or abroad.

Understanding PNB Scam

The PNB fraud remains one of the most sophisticated financial crimes in Indian history. Here is a brief look at the timeline and impact:

- In January 2018, Punjab National Bank reported a massive fraud at its Brady House branch in Mumbai.

- Initially estimated at Rs 13,500 crore, the figure was later revised upward to Rs 13,850 crore.

The Masterminds: The scam was allegedly engineered by celebrity jeweler Nirav Modi and his uncle Mehul Choksi, the then, Managing Director of Gitanjali Gems.

- The duo utilised fraudulent Letters of Undertaking, essentially bank guarantees to obtain credit from overseas branches of Indian banks, often with the collusion of corrupt bank officials.

While Nirav Modi remains in a UK prison fighting extradition, Mehul Choksi is currently in Antigua and Barbuda, where he continues to face legal battles to avoid being sent back to India.

 


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