ED seizes ā¹310-crore Mumbai flats in PNC Bank fraud recovery push
The Enforcement Directorate (ED) has handed over four luxury flats owned by Gitanjali Gems Ltd to the liquidator in the PNC (Punjab National Bank) scam case. These properties, located in Mumbaiās Borivali East, are valued at Rs 310 crore and will now be sold to recover funds for victims and creditors.
The PNC scam came to light in 2018 when fraudulent Letters of Undertaking (LoUs) and Foreign Letters of Credit were discovered. Mehul Choksi, along with his associates and complicit bank employees, used these documents to siphon off Rs 6,097.63 crore from the bank. Among those investigated were Amit Malviya, then a BJP official, and Rajesh Masrani, a PNC employee, alongside other bankers and businessmen.
The transfer of these flats marks another step in recovering losses from the PNC fraud. With assets worth thousands of crores already seized, authorities continue to pursue the sale of confiscated properties. The proceeds will go toward repaying defrauded banks and affected parties.
