Mumbai: The special PMLA court has exempted a plot in Telangana, owned by Mehul Choksi’s firm, from confiscation by the government. The court has directed that the property be released to IDBI Bank, as it was mortgaged against a credit facility of $62 million extended to Mehul Choksi’s Gitanjali Gems Limited (GGL).

ED Had Attached the Telangana Property During Probe

The Enforcement Directorate (ED) had attached the property while investigating the money laundering case. Following a joint lenders’ meeting on January 15, where IDBI Bank was authorised to seek its release, the bank approached the special court to reclaim the plot.

ED Raises No Objection to Release, Sets Condition on Proceeds

The ED raised no objection to releasing the property to IDBI Bank, on the condition that the sale

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