New Delhi: Absconding billionaire Mehul Choksi, who is accused of cheating state-run Punjab National Bank to the tune of Rs 13,000 crore in alleged collusion with his nephew Nirav Modi, has surrendered his Indian passport to the Indian High Commission in Guyana.
“Mehul Choksi has surrendered his Indian passport to the High Commission in Guyana. It may be kept in mind that whenever an Indian citizen acquires foreign nationality he is expected to surrender his Indian passport,” sources said.
“India continues to pursue Choksi’s return with the Govt of Antigua through diplomatic and legal channels.”
Last year, the Cabinet approved the Fugitive Economic Offenders Ordinance 2018 that provides for confiscating properties and assets of economic offenders like loan defaulters who flee the country.
The provisions of the ordinance will apply to economic offenders who refuse to return, persons against whom an arrest warrant has been issued for a scheduled offence as well as wilful bank loan defaulters with outstanding of over Rs 100 crore. It also provides for confiscating assets even without conviction and paying off lenders by selling off the fugitive’s properties. Such economic offenders will be tried under the Prevention of Money Laundering Act (PMLA).
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Nirav Modi and his uncle Mehul Choksi are being investigated by the ED and the CBI for allegedly cheating Punjab National Bank out of more than Rs 13,400 crore. The scam, which reportedly began in 2011, was detected in January last year, after which PNB officials reported it to the probe agencies.
Choksi had fled India on January 4 last year and took an oath of allegiance in Antigua on January 15. His valid passport was revoked in February 2018.