SEBI Freezes Mehul Choksi’s Bank Accounts & Investments To Recover ₹2.1 Crore
Mumbai, June 2025 —
The Securities and Exchange Board of India (SEBI) has frozen fugitive businessman Mehul Choksi’s bank accounts, mutual funds, and demat holdings to recover ₹2.1 crore, after he failed to pay a penalty related to insider trading in the shares of Gitanjali Gems.
🔹 Background:
- Choksi, former CMD of Gitanjali Gems, was fined ₹1.5 crore by SEBI in January 2022 for passing unpublished price-sensitive information (UPSI) to associate Rakesh Gajera.
- Based on this info, Gajera sold his 5.75% stake in December 2017, days before the PNB scam surfaced.
🔹 Current Action:
- Choksi ignored a May 15, 2025 SEBI demand notice.
- On June 4, SEBI ordered:
- Freezing of bank accounts, mutual fund units, and shares.
- Seizure of any bank lockers held by him.
- Credit allowed, but no debits permitted.
🔹 Dues Breakdown:
- Original fine: ₹1.5 crore
- Interest accrued: ₹60 lakh
- Total: ₹2.1 crore
🔹 SEBI’s Concern:
“There is sufficient reason to believe that the defaulter may dispose of the assets and delay the recovery.”
🔹 Larger Context:
- Choksi, wanted in the ₹14,000 crore PNB fraud case, had been living in Antigua.
- Recently arrested in Belgium on India’s request.
- His nephew Nirav Modi remains in a UK prison since 2019.
News Source : Information for this article was gathered from a variety of reliable news outlets.
