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Sebi notice to mehul choksi: The trouble of Punjab National Bank scam accused and Hirakarobari Mehul Choksi is constantly increasing. A notice of Rs 2.1 crore has been sent to Mehul Choksi from the market regulator SEBI. This notice has been given to Mehul Choksi in the case of a violation of the discriminatory business rules in the shares of Gitanjali James Limited.
On behalf of SEBI, Mehul Choksi has been warned to pay within 15 days or attach the property as well as bank accounts. This notice has been sent to the vigil after failing to pay the fine imposed by SEBI in the year 2022.
Mehul Choksi’s increased trouble
Significantly, Geetanjali is the chairman and managing director of James as well as Mehul Choksi, the maternal uncle, is the maternal uncle of Nirav Modi. Both of them are accused of cheating more than Rs 14,000 crore from public sector bank PNB. The entire case of PNB scam came to light in the early 2018. After this, both Chowki and Nirav Modi escaped from India. Last month, Choksi was arrested in Belgium after extradition request of Indian investigative agencies.
Property may be attached
Last year Mehul Choksi went to Belgium for treatment. He was living in Antigua since 2018 after leaving India. Nirav Modi was arrested by the Scotland Yard Police in March 2019 and he is currently in jail there. In the latest notice issued on 15 May, the Securities and Exchange Board of India (SEBI) directed Choksi to pay Rs 2.1 crore within 15 days. This includes a fine of Rs 1.5 crore and interest of Rs 60 lakh.
SEBI says that in the event of not paying the outstanding amount, he will attach and sell the amount by attaching and selling his movable and immovable properties. Apart from this, bank accounts of vigil can also be attached and can also be arrested. In his order passed in January 2022, SEBI imposed a fine of Rs 1.5 crore on Choksi and banned it from the securities market for one year.
SEBI found that Choksi informed Rakesh Girdharlal Gajera about unpublished sensitive information (UPSI), who sold his entire 5.75 percent stake in Geetanjali James in December 2017 to avoid damage before any incident. At that time it was feared that the Gitanjali group could have revealed the release of a letter of undertaking from fraud. It was found that fraudulent guarantee letters were issued by units related to Gitanjali Group.
