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4h ago

PMLA Court Clears Auction of 13 Gitanjali Gems Assets, Orders Telangana Plot Released to IDBI

The judge directed that any money raised be locked in court-held fixed deposits to safeguard recoveries during the money-laundering case.

Mehul Choksi, MD , Gitanjali Group at Taj Mansingh in delhi on 3 july 2010 //photo by priyanka parashar
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Overview

  • An official liquidator was authorized to auction about 13 unsecured Gitanjali Gems properties valued at roughly ₹46 crore.
  • The assets include flats in Borivali, premises at the Bharat Diamond Bourse with parking, industrial units in Goregaon, and jewellery inventory and machinery in the Jaipur SEZ.
  • The court ordered that auction proceeds be kept in fixed deposits in the special court’s name, preserving ED attachments until the case concludes.
  • In a separate order, a 95.51-acre Ranga Reddy, Telangana, parcel mortgaged against a $62 million ECB was released to IDBI Bank, with the ED not objecting if sale proceeds stay in a fixed deposit.
  • IDBI and Bank of Baroda previously obtained a DRT recovery certificate for about ₹346 crore after Gitanjali’s 2018 default, as CBI and ED probes into alleged PNB LoU fraud continue.