Provisionally attached assets include movable assets in the form of Tax free bonds and immovable assets in the form of land located at Pune (Maharashtra).
FinTech BizNews Service
Mumbai, January 4, 2025: Directorate of Enforcement (ED), Mumbai Zonal Office has issued Provisional Attachment Order on 01.01.2025 for assets worth Rs.8.09 Crore (approx.), under Prevention of Money Laundering Act (PMLA), 2002 as part of the ongoing probe in a black money case against Siddharth Abhay Chokshi and Abhay Sajanlal Chokshi. Provisionally attached assets include movable assets in the form of Tax free bonds and immovable assets in the form of land located at Pune (Maharashtra), as per the press release issued by the ED.
ED initiated investigation on the basis of Prosecution Complaints filed by the Income Tax Department against Siddharth Abhay Chokshi and Abhay Sajanlal 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. ED investigation revealed that both Siddharth Abhay Chokshi and Abhay Sajanlal Chokshi were the beneficial owners of an offshore entity, Blue Mist International Inc., registered in the British Virgin Islands having a bank account at Singapore.
ED investigation further revealed that Blue Mist International Inc., BVI had entered into a Sale & Purchase Agreement with HKCL Investments Pte Ltd for purchase of a property at Singapore. During investigation, it was found that both Siddharth Abhay Chokshi and Abhay Sajanlal Chokshi held undisclosed foreign income and assets amounting to a total of Rs. 8.09 Crore, which are Proceeds of Crime (POC) in this case.
Further, as the POC in this case are held outside country, properties of equivalent value in India amounting to Rs. 8.09 Crore (approx.) owned by Siddarth Abhay Choksi and Abhay Sajanlal Choksi have provisionally been attached by ED under the provisions of PMLA, 2002. Further investigation is under progress
