Court Permits Two Banks to Join Mehul Choksi’s Money Laundering Case
Antiguan and Barbudan citizen Mehul Choksi is not catching a break, even though he is said to be terminally ill.
In a major development in the $1.6 billion Punjab National Bank (PNB) fraud case, the Special PMLA Court in Mumbai has allowed Punjab National Bank and ICICI Bank to join ongoing proceedings against fugitive businessman Mehul Choksi, who is now a citizen of Antigua and Barbuda.
The order, issued by Special Judge A.V. Gujarathi, enables the two banks to stake their claims over properties attached in the case. Their applications were filed alongside a plea from the State Tax Department, which is seeking recovery of pending Goods and Services Tax (GST) dues from Choksi.
Both PNB and ICICI argued that, as direct victims of the massive fraud, they have a legitimate interest in the attached assets and have separately petitioned for their restoration. The State Tax Department, however, opposed their inclusion, contending the banks had no grounds to intervene in its recovery action.
The court ultimately sided with the banks, a decision that strengthens their position in efforts to recover losses from one of India’s largest financial scandals.
Choksi, once a high-profile jeweler, fled India in 2018 and later obtained citizenship in Antigua and Barbuda. He remains wanted by Indian authorities, who continue to pursue international avenues for his extradition.
Choksi is said to be seriously ill and facing mounting legal action as the weeks go by.
This story was first published by Antigua News on August 18, 2025: antigua.news/2025/08/18/court-permits-two-banks-to-join-mehul-choksis-money-laundering-case. © 2025 Antigua News. Republication without permission is not allowed.
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