Work Pressure Claims Another Life: HDFC Bank Employee Dies in Office in Lucknow

In a tragic incident that has sparked concerns over work-related stress, a bank employee from Lucknow passed away on Tuesday, reportedly due to excessive work pressure. The woman, Sadaf Fatima, was employed at HDFC Bank and held the position of Additional Deputy Vice-President at the Vibuti Khand branch in Gomtinagar.

According to reports, Sadaf collapsed from her chair while working in the office on September 24. Despite being rushed to the hospital, she was declared dead upon arrival. Her body was later sent for a postmortem examination. Colleagues revealed that Sadaf had been under significant work pressure. In the initial examination, it seems she experienced a cardiac arrest.

This incident follows a similar case in Pune, where another young professional lost her life due to work-related stress. The death of Sadaf Fatima has brought attention to the increasing pressure faced by employees in various sectors and has raised serious questions about working conditions in the country.

Earlier in June, HDFC bank manager named Rajesh Kumar Shinde died of a sudden heart attack at his workplace. He was the Agri Regional Manager at the Kabrai Branch of HDFC Bank in Mahoba and lived in Binvar village, Hamirpur. The incident happened on June 19 while Rajesh was working on his laptop in the office.

Political Reactions to the Incident

The tragic death has drawn reactions from political leaders. Samajwadi Party chief, Akhilesh Yadav, expressed his concerns through a post on social media platform X (formerly Twitter). He described the incident as “worrying” and linked it to the broader issue of economic pressure in India.

Yadav emphasized that both companies and government departments need to seriously reflect on the impact of work pressure on employees. He pointed out that the true progress of a country is not only measured by economic or service growth but by how mentally healthy, free, and happy its people are.

In his post, he also criticized the ruling Bharatiya Janata Party (BJP) and accused the government’s economic policies of failing. Yadav argued that due to these policies, companies are struggling to sustain their businesses and, as a result, are overburdening fewer employees with a heavier workload. He held the BJP government accountable for such sudden deaths and highlighted the mental toll that current work environments have on people. Yadav called for immediate and meaningful reforms to prevent further tragedies.

Earlier Case of Work Stress in Pune

This is not an isolated case. Just a few months ago, a 26-year-old chartered accountant, Anna Sebastian Perayil, passed away due to excessive work stress, only four months after joining a firm in Pune. Anna’s mother had written to the company, alleging that her daughter was overwhelmed by heavy workloads and long hours. However, the firm denied these claims.

Anna Sebastian

Union Labour Minister Mansukh Mandaviya has since stated that Anna’s case is under investigation, indicating that the government is looking into the growing concerns surrounding work-related stress.

Conclusion

These incidents highlight a disturbing trend of work-related stress and its fatal consequences. As discussions around employee well-being grow, there is a pressing need for both companies and governments to reassess the working conditions that are putting undue pressure on employees across the country. Implementing meaningful changes to improve work-life balance and mental health support will be crucial in preventing such tragedies in the future

CBI Court sent Indian Overseas Bank Manager to 3 years Jail in Rs.8 Crore Fraud Case

In a significant ruling, a special court of the Central Bureau of Investigation (CBI-ACB) has sentenced three individuals, including Avinash Gholap, the former director of the Dudhaganga Cooperative Milk Producers’ Society, to three years of rigorous imprisonment. The case involves the embezzlement of ₹8 crore from the Indapur branch of the Indian Overseas Bank. The judgment was delivered by Special Judge A. S. Waghmare.

Who Were the Accused?

The three individuals convicted in this case are:

• Avinash Rajendrakumar Gholap (58 years old), a resident of Gholpwadi, Indapur, who was the former director of the Dudhaganga Cooperative Milk Producers’ Society.
• Laxman Ramchandra Rathod (39 years old), who was the branch manager of the Indian Overseas Bank at the time of the fraud. He resides in Lingapur, Asifabad.
• Hanumant Gorakh Salunkhe (40 years old), a businessman from Karmala, Solapur district.

The Fraudulent Activities

The fraudulent transactions occurred between July 2013 and July 2016. Laxman Rathod, the branch manager at the time, was found guilty of transferring ₹7.74 crore into the accounts of Gholap and Salunkhe under false pretenses. These transfers were made under the agricultural loan and Kisan Credit Card schemes, without proper approval or written consent from the farmers. As a result, the bank suffered significant financial losses.

Penalties and Fines

In addition to the prison sentences, the court also imposed fines on the convicted individuals:

• Laxman Rathod was fined ₹1.5 lakh.
• Avinash Gholap and Hanumant Salunkhe were each fined ₹95,000.

The Investigation and Legal Proceedings

The case was initiated based on a complaint by S. K. Srivastava, the then senior divisional manager of Indian Overseas Bank. A detailed investigation followed, and Special Public Prosecutor Abhayraj Arikar represented the government in court. The prosecution presented evidence from 18 witnesses, which ultimately led to the conviction of the three individuals.

Conclusion

This case highlights the serious consequences of financial fraud and misuse of banking schemes. The court’s decision to sentence the accused to rigorous imprisonment serves as a warning to others who may attempt to exploit financial institutions for personal gain. The judgment also emphasizes the importance of adhering to proper procedures in banking to prevent such incidents from occurring.

NCLT approves merger of IDFC First Bank

On Wednesday, September 25, 2024, IDFC Ltd announced a major development in its ongoing merger process. The National Company Law Tribunal (NCLT) in Chennai gave its official approval for the merger of IDFC Financial Holding Company with IDFC Ltd, and for their combined merger into IDFC First Bank.

This approval is a crucial step forward in the merger plan that was set in motion earlier. In a regulatory filing, IDFC Ltd expressed its readiness to move forward with the remaining legal and regulatory processes to finalize the merger. According to the company, the next steps involve obtaining a certified copy of the NCLT order and completing all necessary formalities to make the merger effective.

This announcement ties back to IDFC Ltd’s earlier communication from July 3, 2023, when the board of directors decided to move forward with the merger. At that time, IDFC Ltd submitted a joint application to the NCLT, Chennai, seeking approval under Section 230-232 of the Companies Act, which governs corporate mergers and amalgamations in India.

Shareholders’ Approval

Earlier this year, in May 2024, the shareholders of IDFC First Bank had already shown overwhelming support for the merger. A large majority, representing more than three-fourths of the shareholders, voted in favor of the merger during a shareholder meeting. The holders of Non-Convertible Debentures (NCDs) also backed the merger strongly, with 99.99% of them voting in favor during the e-voting process.

RBI’s Nod

This merger has been in the works for some time, and in December 2023, the Reserve Bank of India (RBI) gave its approval for the reverse merger of IDFC Ltd with its banking arm, IDFC First Bank. This paved the way for the company to move ahead with the final steps.

What This Means for IDFC and IDFC First Bank

This merger marks an important milestone for IDFC Ltd and IDFC First Bank. Once complete, it will simplify the corporate structure by consolidating operations under IDFC First Bank. The move is expected to strengthen the bank’s balance sheet and create greater efficiencies in its operations. For shareholders and investors, this merger could bring long-term benefits as the unified entity is positioned for enhanced growth in the Indian banking sector.

Jio, Airtel lost huge number of customers while BSNL gains, Check Data here

In July 2024, the increase in mobile phone service tariffs had a noticeable impact on the telecom industry in India. Major players like Reliance Jio, Bharti Airtel, and Vodafone Idea raised their mobile service plan rates by 10-27% during the first week of the month. This led to a significant loss of customers, resulting in an overall decline in the number of telecom subscribers in the country.

Rising Tariffs and Their Effects

Over the past 2-3 years, Airtel and Vodafone Idea have more than doubled their entry-level mobile rates to ₹199, which offers 28 days of validity. As a consequence of these price hikes, many users decided to switch providers or reduce their mobile plans, leading to a loss of subscribers for the three major companies.

According to the latest report from the Telecom Regulatory Authority of India (TRAI), BSNL (Bharat Sanchar Nigam Limited) was the only telecom operator to gain new subscribers. In fact, BSNL added over 2.94 million mobile subscribers in July, standing out as a leader in net customer additions.

Subscriber Losses Among Major Players

The report highlighted the losses experienced by other companies:

• Bharti Airtel lost 1.69 million mobile subscribers, the highest among its competitors.
• Vodafone Idea lost 1.41 million subscribers.
• Reliance Jio saw a reduction of 758,000 subscribers.

Overall, the total telecom subscriber base in India dropped slightly from 1,205.64 million in June to 1,205.17 million in July.

Regional Declines

Several telecom circles across the country, including North East, Maharashtra, Rajasthan, Mumbai, Kolkata, Tamil Nadu, Punjab, Bihar, West Bengal, UP East, Haryana, and Andhra Pradesh, reported declines in mobile customer bases following the tariff hikes

Growth in Fixed-Line Connections

Interestingly, the segment for fixed-line or wireline connections saw a small increase of about 1%, rising to 35.56 million from 35.11 million in June. Reliance Jio led this segment by adding over 480,000 new subscribers, followed by Bharti Airtel with over 136,000 new connections. Other players, such as VMIPL, Vodafone Idea, Tata Teleservices, and Quadrant, also made minor additions.

However, BSNL faced losses in this segment, losing 134,000 fixed-line customers, while its sister company also saw a decline of 56,454 customers.

Broadband Growth

Despite the challenges in mobile subscriptions, the broadband customer base grew to 946.19 million by the end of July, up from 940.75 million in June. The top five players accounted for a staggering 98.42% of the total broadband connections in the country:

EPFO announces new Benefits for Employees, Check all new benefits here

The Employees’ Provident Fund Organisation (EPFO) has made some exciting announcements aimed at improving the welfare of its employees. For the financial year 2025, EPFO plans to spend a total of Rs 13.10 crore to benefit its 15,529 employees across 145 offices. This includes several allocations for different welfare activities, ensuring a better work environment and support for its staff.

Key Budget Allocations

1. Holiday Homes: EPFO has set aside Rs 74.37 lakh for holiday homes, providing employees with a chance to relax and unwind.
2. Death Relief Fund: A significant amount of Rs 2 crore is allocated to the central pool for the death relief fund, showing EPFO’s commitment to supporting families during difficult times.
3. Scholarships: The budget includes Rs 94.25 lakh for scholarships, assisting employees and their children in furthering their education.
4. Medical Checkups: The organisation prioritizes health by allocating Rs 3.97 crore for medical checkups for employees over 40 years old, and Rs 1.27 crore for those younger than 40.
5. Cultural and Recreational Activities: To promote team spirit and well-being, EPFO has reserved Rs 29 lakh for cultural meets and Rs 61 lakh for canteen services.
6. Mementos: An amount of Rs 1.26 crore will be used for mementos across all offices, acknowledging employee contributions and achievements.

New Rules for Provident Fund Transfers

In a significant policy change, EPFO has introduced a new rule allowing employees to automatically transfer their old Provident Fund (PF) balance to their new employer when they change jobs. This simplifies the process for employees, making it easier to manage their funds without the hassle of withdrawing and depositing.

Increased Withdrawal Limits

Union Labour Minister Mansukh Mandaviya announced that EPFO members can now withdraw up to Rs 1 lakh from their PF accounts, doubling the previous limit of Rs 50,000. This move is part of the government’s efforts to ease regulations and provide better access to funds for subscribers.

Growing Membership

In June of this year, EPFO welcomed 19.29 lakh new members, marking a 7.86% increase compared to the same month last year. This growth indicates the increasing reliance on EPFO for retirement savings and benefits.

Upcoming Pension System Changes

Earlier this month, the government approved the Centralised Pension Payments System (CPPS), which will benefit over 78 lakh people under the Employee Pension Scheme (EPS). Starting January 1, 2025, EPS pensioners will have the convenience of receiving their pensions from any bank or branch across India. In the future, EPFO plans to transition to an Aadhaar-based Payment System (ABPS), further streamlining the process for pension disbursement.

SBI Chairman asks Employees to provide better customer service, SBI donated Rs.51 Lakh to NGO

State Bank of India (SBI) Chairman C.S. Setty recently visited Hyderabad, where he took part in several programs aimed at social responsibility and environmental sustainability. His visit highlighted SBI’s commitment to supporting marginalized communities and contributing to a greener future. Here’s a detailed look at his key activities during the visit.

Donation to Devnar Foundation

One of the significant moments of Mr. Setty’s visit was SBI’s donation of ₹51 lakh to the Devnar Foundation, an NGO dedicated to supporting visually impaired individuals. This generous contribution will be used to install a fire-control system and a rooftop solar photovoltaic system at the foundation. The SBI Chairman praised Dr. A. Saibaba Goud, founder of Devnar Foundation, for his impactful work in empowering visually impaired individuals.

SBI’s Commitment to Sustainability: ‘Ek Ped Maa ke Naam’ Tree Plantation Drive

During his visit, Mr. Setty also inaugurated the ‘Ek Ped Maa ke Naam’ tree plantation drive, which aligns with SBI’s vision of environmental responsibility. He highlighted the bank’s efforts in sustainability, noting that SBI had planted 1.8 million saplings this year as part of its broader environmental initiatives. He emphasized that SBI is committed to leading the way in climate finance, with the goal of achieving net zero emissions by 2055 (SCOPE 1, 2, and 3).

Focus on Customer Service and Business Growth

In addition to these social and environmental initiatives, Mr. Setty addressed branch managers from the Hyderabad and Secunderabad zones, urging them to excel in customer service and business performance. He remarked that if this decade is a “golden period” for the country, then it is also a golden period for SBI, reflecting the bank’s ambition to be a leader in the financial sector during this time of growth and transformation.

SBI’s CSR Initiatives: Empowering Communities

Rajesh Kumar, Chief General Manager of SBI’s Hyderabad Circle, emphasized that SBI’s Corporate Social Responsibility (CSR) efforts focus on healthcare, education, environmental protection, sanitation, women’s empowerment, senior citizens, war veterans, and promoting livelihood and entrepreneurship. This ensures that the bank’s resources are used to uplift various sections of society.

Support to Sai Seva Sangh and SBI Ladies Club Initiatives

As part of the bank’s broader social efforts, the SBI Ladies Club also played a vital role during this visit. Led by Sreedevi Surya, President of All India SBI Ladies Club, the team donated essential items such as water dispensers, sewing machines, stationery, groceries, and snacks to Sai Seva Sangh, a charitable organization in Miyapur, Hyderabad. This initiative further reinforces SBI’s dedication to supporting the underprivileged.

Conclusion

C.S. Setty’s visit to Hyderabad underscored SBI’s multi-faceted approach to corporate social responsibility, combining financial contributions, sustainability efforts, and community support. Whether it’s helping marginalized communities like the visually impaired, protecting the environment through tree plantations, or supporting local charities, SBI continues to strengthen its role as a responsible and forward-thinking institution.

Through initiatives like ‘Ek Ped Maa ke Naam’ and ongoing support for NGOs like the Devnar Foundation, SBI is setting an example for the financial sector in India, showcasing how large organizations can make a difference in society and contribute to a sustainable future.

Finance Ministry conducted meeting of Banks, Check important decisions taken in meeting

 On Saturday, the Finance Ministry called on banks to establish stronger monitoring and oversight mechanisms for managing cases in Debt Recovery Tribunals (DRTs). This move aims to improve the efficiency of handling pending cases and ensure faster recovery of funds

The meeting, chaired by Financial Services Secretary M. Nagaraju, included discussions with chairpersons of Debt Recovery Appellate Tribunals (DRATs) and Presiding Officers of DRTs. The focus was on sharing and adopting best practices across all DRTs to enhance outcomes. The goal is to streamline the recovery process and reduce the backlog of cases. The meeting was attended by senior officers from the public and private sectors banks, Deputy Chief Executive Officer (CEO), Indian Bank Association (IBA) and senior officers from the Ministry of Finance.

Decisions taken in meeting:

• Banks to put in place effective monitoring and oversight mechanism for efficient management of pending cases in DRTs
• Some of the best practices followed in DRTs were also discussed which can be adopted across DRTs for better outcome.
• Banks to have clearly defined policy for small and high value cases pending in DRTs for optimising the recovery.
• While formulating settlement policy, banks to take into account the transaction costs in mind while pursuing pending recovery cases.
• All stakeholders to work collectively to reduce pendency and take effective measures for optimisation of recovery which would help in ploughing back the capital stuck in pending cases to the economy for productive use.
• DRT Regulations 2024 which have number of improved features over the earlier DRT Regulation 2015 to be adopted by all DRTs with an objective to make the DRT process more effective and less time consuming.

Conclusion

The Finance Ministry’s push for better oversight and the adoption of best practices is a step towards resolving pending debt recovery cases more efficiently. By implementing these measures, banks can help release capital stuck in legal disputes and contribute to the country’s economic growth. The adoption of the new DRT Regulations 2024 is expected to further streamline the process, ensuring quicker resolutions and better outcomes for all parties involved

How to Check the Purity of Gold? Know whether Gold is Pure or Not

Gold Purity: Gold has been a symbol of wealth, beauty, and power for centuries. Whether you’re investing in gold jewelry, coins, or bars, knowing the purity of your gold is essential. In this blog, we’ll explore several methods you can use to check the purity of gold, ensuring that you’re making informed purchases and investments.

Understanding Gold Purity

Gold purity is measured in karats (K), with 24K being pure gold. Other common purities include 22K (approximately 91.7% gold) and 18K (about 75% gold). Understanding these purities will help you evaluate the quality of your gold items.

Methods to Check Gold Purity

1. Visual Inspection for Hallmarks

One of the simplest ways to check the purity of gold is to look for hallmarks or stamps. These markings can usually be found on the inner band of rings or on clasps of necklaces and bracelets. Common stamps include:

• 916 for 22K gold
• 750 for 18K gold

If your gold item has a hallmark, it can give you a quick indication of its purity.

2. The Magnet Test

Gold is a non-magnetic metal, which makes the magnet test a quick and easy way to check for authenticity. Simply bring a magnet close to your gold item. If the item is attracted to the magnet, it likely contains other metals and is not pure gold.

3. The Vinegar Test

Another home test involves using vinegar. Simply apply a few drops of white vinegar to the gold item. If the vinegar causes any discoloration, the piece is likely not pure gold. Pure gold will not change color when vinegar is applied.

4. Density Test

The density test is a bit more involved but can provide accurate results. Here’s how you can perform this test:

• Weigh the gold item on a scale.
• Fill a container with water and note the water level.
• Submerge the gold item in the water and note the new water level.
• The volume of water displaced is equal to the volume of the gold item.

Calculate the density using the formula:

Density = Weight (grams) / Volume (milliliters)

Pure gold has a density of approximately 19.3 grams per milliliter. If your calculation is close to this value, your item is likely real gold.

5. Acid Test

For a more definitive test, consider using a gold testing kit, which typically includes a set of testing acids. Here’s how it works:

• Apply a small drop of the acid to an inconspicuous area of the gold item.
• Observe the reaction. Different acids react differently based on the purity of the gold. This method can help you determine the karat of the gold.

6. Professional Testing

If you want the most accurate results, consider taking your gold item to a professional jeweler or assayer. They can perform advanced tests, such as using X-ray fluorescence (XRF) machines, which analyze the purity without damaging the item.

Conclusion

Knowing how to check the purity of gold can save you time, money, and potential disappointment when buying or selling gold items. Whether you use simple home tests or consult professionals, being informed about gold purity is crucial for any gold enthusiast. By following these methods, you can make confident decisions in your gold investments and purchases!

Bank IFSC Codes: Download IFSC Codes of all Banks in PDF

Bank IFSC Codes: Bank IFSC Code is a unique identifier for every bank branch in India. It plays a crucial role in facilitating electronic payments via NEFT, RTGS, and IMPS transactions. IFSC (Indian Financial System Code) consists of an 11-character alphanumeric code that helps to identify the specific bank and branch during fund transfers. If you are looking to find the IFSC codes of all banks or want to download the complete list of IFSC codes in PDF format, you’ve come to the right place.

You can check IFSC Codes of all Banks in our app. Click here to download our app. In app, you can check IFSC Codes as per data available from RBI website. You can also download PDF and search IFSC codes. Click here to download PDF.

What is an IFSC Code?

The IFSC code (Indian Financial System Code) is used by the Reserve Bank of India to identify bank branches for various electronic money transfer systems such as NEFT (National Electronic Funds Transfer), RTGS (Real Time Gross Settlement), and IMPS (Immediate Payment Service).

Structure of an IFSC Code:

An IFSC code is a unique 11-character code made up of:

• The first four characters represent the bank name.
• The fifth character is always zero (0), reserved for future use.
• The last six characters refer to the specific branch code.

For example, the IFSC code for the State Bank of India (SBI), Connaught Place branch in New Delhi could be SBIN0000691. Here, “SBIN” represents State Bank of India, and “000691” represents the Connaught Place branch.

Importance of IFSC Code

• Safe Online Transactions: The IFSC code ensures that money is transferred to the correct bank and branch.
• NEFT, RTGS, and IMPS: To use these payment methods, the IFSC code is mandatory.
• Easier Fund Transfers: With IFSC, transferring money is quicker and more secure.

Download IFSC Codes of All Banks – PDF

Looking for a downloadable PDF of all bank IFSC codes in India? We’ve compiled a list of all banks’ IFSC codes to make your searches easier. The list includes IFSC codes for major banks such as:

• State Bank of India (SBI) IFSC Codes
• HDFC Bank IFSC Codes
• ICICI Bank IFSC Codes
• Punjab National Bank (PNB) IFSC Codes
• Bank of Baroda IFSC Codes
• Axis Bank IFSC Codes
• And many more…

How to Find Your Bank’s IFSC Code?

There are various ways to find the IFSC code for your bank’s branch:

1. Bank Passbook or Cheque Book: The IFSC code is printed on the top of every bank’s cheque leaf and in your passbook.
2. Online Banking Platforms: Most banks provide an option to view the IFSC code of your branch through their online banking platform or app.
3. Official Bank Website: The IFSC code can be found on the bank’s official website.
4. Reserve Bank of India (RBI) Website: You can find all registered bank IFSC codes on the RBI’s official website.
5. IFSC Code Finder Tools: You can also use various online IFSC code finder tools available to search for a specific bank’s branch IFSC code.

Popular Banks and Their IFSC Code Formats:

State Bank of India (SBI) IFSC Code:

• Format: SBIN0**** (Example: SBIN0001234)
• Total Branches: 22,000+ in India

HDFC Bank IFSC Code:

• Format: HDFC0**** (Example: HDFC0001234)
• Total Branches: 5,000+ in India

ICICI Bank IFSC Code:

• Format: ICIC0**** (Example: ICIC0001234)
• Total Branches: 5,200+ in India

Axis Bank IFSC Code:

• Format: UTIB0**** (Example: UTIB0001234)
• Total Branches: 4,800+ in India

Punjab National Bank (PNB) IFSC Code:

• Format: PUNB0**** (Example: PUNB0001234)
• Total Branches: 10,000+ in India

Conclusion

IFSC codes are essential for smooth and safe banking transactions in India. Whether you are sending money via NEFT, RTGS, or IMPS, having the correct IFSC code is crucial. To make your banking experience easier, download our comprehensive list of IFSC codes of all banks in PDF format and ensure seamless transactions every time.

Court allows PNB Bank to Sell Mehul Choksi’s Properties to Recover Funds in Rs.13000 crore Fraud Case

PNB Mehul Choksi Fraud: In a significant development, a special court in Mumbai has given permission to two banks to evaluate and sell some properties owned by fugitive economic offender Mehul Choksi. Choksi, a diamond merchant, is wanted in connection with the massive ₹13,000 crore Punjab National Bank (PNB) fraud. The money obtained from the sale of these properties will be held in fixed deposit accounts under the court’s name.

Why Are the Properties Being Sold?

The two banks, Punjab National Bank (PNB) and ICICI Bank, had approached the court, arguing that the delay in selling the properties was affecting their ability to recover public funds. They also pointed out that the properties are deteriorating over time due to general wear and tear, which is reducing their market value.

The banks had made a similar request to the court back in 2022 but were seeking fresh approval due to the ongoing delay. They emphasized that selling the properties as soon as possible would help prevent further depreciation and aid in recovering the public money lost in the fraud.

Court’s Decision

After considering the arguments, Special Judge SM Menjoge granted permission to the banks to conduct a valuation of Choksi’s properties and sell them. However, this applies only to properties held by entities other than Gitanjali Gems Ltd (GGL), Nakshatra Brands Limited (NBL), Nakshatra World Limited (NWL), and Gili India Limited—companies associated with Choksi’s business empire.

The judge stated that the money generated from the sale would be deposited in fixed deposit accounts in the names of the court in both PNB and ICICI Bank. The final distribution of these funds would depend on the outcome of ongoing cases under the Prevention of Money Laundering Act (PMLA).

Bank’s Argument and Agreement with Enforcement Directorate (ED)

The banks, represented by advocates Lalan Gupta, Anuj Loya, and Megh Maneshinde, informed the court that they had earlier met with the Enforcement Directorate (ED) in January. During this meeting, it was agreed that the banks could proceed with monetizing the properties while the legal proceedings continued.

The court order states that the valuation of the properties will be conducted as per applicable laws, and they will then be auctioned. The sale proceeds will be kept in fixed deposit accounts in the names of the court at ICICI Bank and PNB.

Understanding the Prevention of Money Laundering Act (PMLA)

Under the PMLA, if a trial cannot be conducted for some reason, a special court has the power to release or confiscate properties. The court may also restore confiscated properties to individuals or entities with a legitimate claim.

Background: The Mehul Choksi Case

Mehul Choksi, along with his nephew Nirav Modi, is accused of defrauding PNB of ₹13,000 crore through fraudulent letters of undertaking (LoUs). The scam came to light in 2018, after which an arrest warrant was issued for Choksi. However, he fled India and is currently a fugitive living abroad. His trial is yet to begin in India.

In 2018, the Enforcement Directorate (ED) attached 41 of Choksi’s properties, valued at over ₹1,217 crore. These properties include:

• Two luxury flats in Mumbai.
• A shopping mall in Kolkata.
• 27 acres of land on the Mumbai-Goa Highway.
• 101 acres of land in Tamil Nadu.
• Lands in Nashik, Nagpur, and Andhra Pradesh.
• Two bungalows in the upscale Alibaug area.
• Several offices in Surat.

The banks are now working to sell these properties to recover some of the money lost in the fraud.

What Happens Next?

As the banks proceed with the valuation and sale of Choksi’s properties, the funds collected from these sales will remain with the court until a final decision is made on how to distribute them. The case against Choksi continues under the PMLA, and it remains to be seen when the trial will begin.

This is a crucial step toward recovering public funds and holding economic offenders accountable, even if they are no longer in the country. The sale of these properties will help ensure that at least some of the lost money is returned to the public, and it highlights the ongoing efforts of Indian agencies to crack down on economic crimes