Can repay bank loans with my trade receivables: Mehul Choksi
Mumbai, Sep 27: Diamantaire, a key accused in the USD 2 billion PNB fraud, claimed on Friday that his company Gitanjali Gems has "trade receivables" of over Rs 8,000 crore, enough to repay his loans.
The absconding diamantaire made the claim in a plea filed before the special judge for Prevention of Money Laundering Act cases, V C Barde.
The plea sought a direction to the Enforcement Directorate (ED) to "secure" all assets of Choksi and his firms, including the trade receivables that have not been attached until now.
The ED has not yet attached number of his assets, including trade receivables of Rs 8,567 crore as shown in the consolidated balance sheet of March 2017 of Gitanjali Gems, the application read.
The alleged proceeds of crime were Rs 6,097.63 crore so the trade receivables were sufficient to pay off the entire loan amount of the banks, it said.
Choksi was not able to recover this money as his entire business was closed down after a case was registered against him and others, it said.
Trade receivables are amounts billed by a business to its customers when it delivers goods or services.
In another application, Choksi urged the court to direct the ED to interrogate him in Antigua, where is living at present.
He also sought the court's permission to appear before it through video conference till he was "fit" to travel back to India.
The court asked the investigating agency to file its reply to all these pleas by October 10.
The scam at the public sector lender Punjab National Bank is related to fraudulent issuance of Letters of Understanding (LoU) to the companies of Choksi and his nephew and absconding co- accused Nirav Modi.
LoU is a guarantee given by the issuing bank to Indian banks having branches abroad for granting a short-term credit to the applicant.
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25 lakh properties in Bengaluru brought under e-Khata system: Shivakumar
Bengaluru (PTI): Karnataka Deputy Chief Minister D K Shivakumar on Friday said that the state government has brought over 25 lakh properties under the e-Khata system in Bengaluru.
e-Khata is an electronic property certificate that maintains ownership information in an online database.
The e-Khata initiative aimed to ensure accuracy, transparency and universal coverage for property owners, he said.
Addressing a press conference here, Shivakumar, who is also the Bengaluru in-charge Minister, said over 25 lakh properties are being brought under the e-Khata system. Of them more than 7,000 applications have been processed, and additional outreach measures being planned for those yet to obtain their e-Khata.
"Twenty five lakh e-Khatas is a great number which has created history," he said.
The Deputy CM said the government is ensuring that every e-Khata will have its GPS, the shape of the property, and the measurement with every photo and document.
He explained that the government is integrating Aadhaar details, digital documentation, GPS mapping and property sketches to create a robust database.
"We want to see that every record is filled right. They (officials) are asking for documentation, stamp, digital documents. We wanted to connect every Aadhaar card and have it online," Shivakumar said.
To facilitate access, the Deputy CM announced the opening of more than 50 centres across Bengaluru, many of them in government schools, where citizens can apply for or rectify their e-Khata records.
"All of them will be working this Saturday. This 'Khata Mela' will be done. It is 'Nanna Khata, Nanna Swathu'," he said.
Applicants whose documents require verification will be given an acknowledgement and asked to return after 15 days, during which officials will conduct site inspections, he said.
Shivakumar said the government has also taken steps to identify and reclaim properties recorded as roads in revenue documents, asserting that such lands belong to the government.
"We have decided through the law that all the roads in the revenue records have been taken out. Those properties belong to the government itself," he said.
He noted that the initiative has received recognition from the Union government. "The Government of India has awarded us. It said that it is the model for the entire country," he said, while thanking officials involved in the project.
The Deputy CM said the government expects around 10 lakh additional households to benefit from the drive and assured that even those who have not downloaded their documents will receive printed copies free of cost at their residences.
"We will see that all the 25 lakh people will get their e-Khata to their home free of cost," Shivakumar said.
On apartment properties, he said all flats that have obtained occupancy certificates have been cleared.
"All the 37,460 flats (who have applied for e-Khata) have been issued an occupancy certificate. We have cleared all of them," the Deputy CM said.
