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SEBI Action On Mehul Choksi: The stock market regulator SEBI has taken a big decision against the economic fugitive Mehul Choksi. SEBI has issued an order to attach the holding of Mehul Choksi’s bank accounts, shares, mutual funds. The regulator of the stock market had imposed a fine on Choksi in October 2022. Which he hasn’t paid yet. Due to this, SEBI has ordered attachment of its assets.
SEBI had to recover Rs 5.35 crore from Mehul Choksi. The fugitive businessman has not yet paid this amount. After which SEBI has ordered attachment of his bank accounts and shares and mutual fund holdings.
SEBI had imposed this fine on Choksi in October 2022 in a case of fraud related to the trading of shares of Gitanjali Gems Limited. The notice issued by Sebi on Wednesday includes a penalty of Rs 5 crore, interest of Rs 35 lakh and recovery cost of Rs 1,000.
Prior to the attachment order, SEBI had sent a demand notice to Choksi on May 18 asking him to deposit Rs 5.35 crore. SEBI then warned that non-payment within 15 days would be accompanied by arrest and attachment of bank assets.
Mehul Choksi was the MD-Chairman of the company with Gitanjali Gems being the promoter. Also, he seems to be the maternal uncle of another economic fugitive Nirav Modi. Both are accused of defrauding public sector bank Punjab National Bank to the tune of more than Rs 14,000 crore. After this scam came to light in 2018, Mehul Choksi and Nirav Modi left the country and fled abroad. While Mehul Choksi is in Antigua, Nirav Modi is lodged in UK jail and has challenged India’s extradition petition.
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