Mumbai court approves monetisation of ₹2,565.9 crore in properties in Choksi fraud case

A Mumbai court has approved the monetization of assets worth Rs 2,565.9 crore in the case involving fugitive businessman Mehul Choksi. The assets, primarily consisting of real estate properties, were seized following Choksi’s involvement in the multi-crore banking fraud case. The court’s decision allows the Enforcement Directorate to proceed with the sale of these properties to recover some of the defrauded amounts. Choksi, along with his uncle Nirav Modi, was accused of defrauding several Indian banks, leading to a massive financial scandal. The monetization of these assets is a step toward compensating the victims of the fraud and recovering the financial losses incurred by the banks.