Enforcement Directorate to Inquiry into Mehul Choksi’s Wealth in Antigua and Barbuda

The Enforcement Directorate in India is anticipated to communicate with Gaston Browne administration regarding its intention to determine if Mehul Choksi has amassed any wealth in Antigua and Barbuda.

They are currently attempting to sell any assets or wealth accumulated by Choksi globally.
In an effort to reimburse the victims of Choksi’s alleged fraud, the agency has reached out to various foreign nations, requesting them to liquidate the assets and send the proceeds back to India.

The Enforcement Directorate (ED) is concentrating on approximately $2 billion in suspected proceeds of crime that Choksi is thought to have acquired internationally.

So far, the ED has identified five properties associated with Choksi and his entities located in Thailand, Dubai, Japan, and the United States.

This includes a villa covering 1,518 square meters and office space in Almas Tower in Dubai.

The agency asserts that Choksi is the “beneficial owner” of yet another property in Thailand.
Furthermore, a flat in Manhattan, New York, along with 749,500 shares representing a 22.56% stake in GSTV Co. Ltd, Japan, are also under investigation.

Although the ED has already contacted foreign authorities, it has not yet received any responses.

The objective is to monetize these overseas assets and return the funds to the fraud victims as quickly as possible.

This initiative follows a September 2011 ruling from a Mumbai court, which granted a plea from Punjab National Bank (PNB) and ICICI Bank, both purportedly defrauded by Choksi.

The banks contended that the properties seized by the ED were deteriorating and thus losing value, leading them to request that the assets be restored and liquidated.

Choksi acquired citizenship in Antigua and Barbuda through investment.

In 2023 Choksi was allegedly abducted and tortured in Antigua by a London-based group with the aim of extraditing him to India, where he is wanted over his alleged part in a $1.8 billion bank fraud case.

Lawyer Michael Polak, of the legal group Justice Abroad, said at the time that his client had been lured to a house in Antigua on May 23 by a London property agency consultant, where he was set upon by a group of up to 10 men and, soon after, had his arms and legs bound before he was forced onto a boat.

He was captured in Dominica and charged with illegal entry. He was later sent back to Antigua and all charges were dropped against him.