ED Files Prosecution Complaint Against Choksi Family Members Over ₹8.09 Crore In Undisclosed Foreign Assets

Mumbai: The Enforcement Directorate (ED) has filed a prosecution complaint before the Special Court under the Prevention of Money Laundering Act (PMLA) against Sidharth Abhay Choksi and Abhay Sajanlal Choksi in connection with undisclosed foreign assets valued at ₹8.09 crore.

About The Case

The Accused Sidharth and Abhay Choksi are key figures of the prominent Choksi family, known for its significant presence in India’s precious metals industry through their enterprise, Hindustan Platinum Pvt. Ltd.

According to the ED's official statement, the prosecution complaint was filed on March 13, following which the Special Court took cognizance of the matter on March 19 and issued proceedings against the accused.

The ED initiated its probe based on prosecution complaints (PC) earlier filed by the Income Tax Department against the two before the Additional Metropolitan Magistrate, Mumbai, under provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

During the investigation, the ED found that Abhay Sajanlal Choksi and Siddharth Abhay Choksi were allegedly the beneficial owners of Blue Mist International Inc., an offshore entity registered in the British Virgin Islands. The entity maintained a bank account in Singapore and had entered into a Sale and Purchase Agreement with HKCL Investments Pte Ltd to acquire property in Singapore.

The agency’s probe revealed that the duo held undisclosed foreign income and assets amounting to Rs 8.09 crore, which are now classified as proceeds of crime.

Earlier, on January 1, the ED issued a provisional attachment order for assets worth ₹8.09 crore. As the illicit assets were located abroad, the agency attached equivalent assets in India, including land and bonds, in accordance with PMLA provisions.