Where’s your father, country waiting to give him red carpet: SC to Choksi’s son
The Supreme Court of India has dismissed a petition filed by Mehul Choksi’s son, in a significant development related to the ₹937-crore recovery suit against the National Spot Exchange Limited (NSEL). The court’s remarks during the hearing were particularly noteworthy, as it posed a question to Choksi’s son, asking about the whereabouts of his father, Mehul Choksi, who is currently an accused in the Punjab National Bank (PNB) scam.
The court’s observation, “Where’s your respected father nowadays? The…country is…waiting to give him a red-carpet welcome,” was a clear indication of the country’s eagerness to bring Mehul Choksi to justice. Choksi, who is currently residing in Antigua and Barbuda, has been evading Indian authorities for several years, and the Indian government has been actively pursuing his extradition.
Mehul Choksi, a fugitive businessman, is accused of being involved in the ₹13,000-crore PNB scam, which is one of the largest banking scams in Indian history. The scam was uncovered in 2018, and since then, Choksi has been on the run, with the Indian authorities making repeated attempts to bring him back to the country to face trial.
The NSEL recovery suit, in which Choksi’s son had filed a petition, is related to the ₹937-crore default by the exchange, which was caused by the fraudulent activities of several brokers, including those associated with Choksi’s companies. The suit aims to recover the losses suffered by the investors, and Choksi’s son had attempted to distance himself from the proceedings, arguing that he was not involved in the activities of the exchange.
However, the Supreme Court’s dismissal of the petition has dealt a significant blow to Choksi’s son’s attempts to avoid being held accountable for his father’s actions. The court’s observation, which highlighted the country’s eagerness to welcome Mehul Choksi back, was a clear indication that the authorities are determined to bring the fugitive businessman to justice.
The PNB scam, in which Choksi is accused of being involved, has been a major embarrassment for the Indian banking system, and the authorities have been under pressure to bring the perpetrators to justice. The scam involved the fraudulent issuance of letters of undertaking (LoUs) by PNB officials, which allowed Choksi’s companies to obtain large amounts of credit from overseas banks.
The Indian government has been actively pursuing Choksi’s extradition, and the authorities have been working closely with their counterparts in Antigua and Barbuda to bring him back to the country. The Antiguan government has assured India that it will cooperate in the extradition process, but the proceedings have been delayed due to various legal and bureaucratic hurdles.
In the meantime, the Indian authorities have been taking steps to recover the losses suffered by the PNB and other banks that were affected by the scam. The Enforcement Directorate (ED) has attached several properties belonging to Choksi and his companies, and the authorities have also frozen several bank accounts linked to the fugitive businessman.
The Supreme Court’s observation, which asked about the whereabouts of Mehul Choksi, is a clear indication that the country is eager to bring him to justice. The authorities are determined to recover the losses suffered by the banks and to punish those responsible for the scam. The dismissal of Choksi’s son’s petition is a significant development in this regard, and it is likely to have major implications for the ongoing proceedings against the fugitive businessman.
In conclusion, the Supreme Court’s remarks during the hearing of Choksi’s son’s petition have highlighted the country’s eagerness to bring Mehul Choksi to justice. The authorities are determined to recover the losses suffered by the banks and to punish those responsible for the PNB scam. The extradition proceedings against Choksi are ongoing, and it remains to be seen how the situation will unfold in the coming weeks and months.
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