Mumbai: The Enforcement Directorate (ED) has provisionally attached assets worth Rs 8.09 crore in an ongoing investigation involving Abhay Sajanlal Chokshi and Siddharth Abhay Chokshi, key members of the influential Chokshi family. The family is known for its significant role in India's precious metals sector through their company, Hindustan Platinum Pvt. Ltd.
The agency stated on Thursday that the seizure was made under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The seized assets include movable properties such as tax-free bonds, along with immovable properties, notably land located in Pune, Maharashtra.
The agency initiated the probe based on prosecution complaints filed by the Income Tax Department against Siddharth and Abhay Chokshi before the Additional Metropolitan Magistrate, Mumbai, under the provisions of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
According to the ED's findings, the investigation revealed that Abhay Sajanlal Chokshi and Siddharth Abhay Chokshi were allegedly the beneficial owners of Blue Mist International Inc., an offshore entity registered in the British Virgin Islands. The entity reportedly maintained a bank account in Singapore.
Further investigation revealed that Blue Mist International Inc. entered into a sale and purchase agreement with HKCL Investments Pte Ltd for the acquisition of property in Singapore. The ED's findings suggest that the Chokshis held undisclosed foreign income and assets totaling Rs 8.09 crore, which are now classified as proceeds of crime.
Since these illicit assets are located abroad, the ED has attached equivalent assets in India, including the land and bonds, in accordance with PMLA provisions. The investigation is ongoing, with authorities continuing to track the financial links and assets connected to the Chokshi family and their business dealings.
