September 30, 2020

Sebi orders attachment of financial institution, demat accounts of Mehul Choksi, others



Mumbai: The Securities and Alternate Board of India (Sebi) has ordered the attachment of the financial institution and demat accounts held by Mehul Choksi, Dhanesh Sheth and Gitanjali Jewels, for recovering penalty to the tune of Rs 5 crore, and curiosity and restoration prices.

Sebi is searching for a complete restoration of Rs 5,27,13,329 from the three.

On February 27, the markets regulator had slapped a high quality of Rs 5 crore on Gitanjali Gems, Mehul Choksi, and Dhanesh Sheth for violating numerous rules, together with itemizing norms.

Fugitive businessman Choksi is the promoter and managing director of Gitanjali Gems, whereas Sheth is the manager director of the corporate. Choksi is the maternal uncle of diamond baron Nirav Modi, who has allegedly defrauded state-owned Punjab Nationwide Financial institution for greater than Rs 13,000 crore.

Modi has been lodged in a London jail since his arrest in March 2019, and is presently preventing extradition to India

Sebi had penalised the entities for failing to make numerous requisite disclosures.