SEBI issues ₹5.35-crore demand notice to Mehul Choksi
The Hindu
SEBI sent a notice to fugitive businessman Mehul Choksi asking him to pay ₹5.35 crore
SEBI on May 18 sent a notice to fugitive businessman Mehul Choksi asking him to pay ₹5.35 crore in a case pertaining to fraudulent trading in the shares of Gitanjali Gems Ltd and warned of arrest and attachment of assets as well as bank accounts if he fails to make the payment within 15 days.
The demand notice came after Mr. Choksi failed to pay a fine imposed on him by the Securities and Exchange Board of India (SEBI).
Mr. Choksi, who was the chairman and managing director as well as part of promoter group of Gitanjali Gems, is the maternal uncle of Nirav Modi. Both of whom are facing charges of defrauding state-owned Punjab National Bank (PNB) of more than ₹14,000 crore.
Both Mr. Choksi and Mr. Modi fled India after the PNB scam came to light in early 2018. While Mr. Choksi is said to be in Antigua and Barbuda, Mr. Modi is lodged in a British jail and has challenged India's extradition request.
In a fresh notice on Thursday, SEBI directed Mr. Choksi to pay ₹5.35 crore, which includes interest and recovery cost, within 15 days.
In the event of non-payment of dues, the markets regulator will recover the amount by attaching and selling his moveable and immoveable property. Besides, Choksi faces attachment of his bank accounts and arrest.
In its order passed in October 2022, SEBI imposed a fine of ₹5 crore on him for indulging in fraudulent trading in the shares of Gitanjali Gems. Apart from penalising, the regulator had barred him from the securities market for 10 years.
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