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Capital market regulator SEBI has directed all banks and mutual funds to deduct ₹5.35 crore from the account of fugitive business man Mehul C Choksi and deposit with SEBI.
In May, SEBI had sent a notice to Choksi asking him to pay ₹5.35 crore in a case pertaining to fraudulent trading in the shares of Gitanjali Gems and warned of arrest and attachment of assets and bank accounts if he fails to make the payment within 15 days.
SEBI, in June, had sent a notice to Choksi and directed banks and mutual funds to attach the accounts of the defaulter.
On Friday, SEBI directed banks and mutual funds to debit the account of Choksi and deposit the amount in its bank account.
In its order passed in October 2022, SEBI imposed a fine of ₹5 crore on him for indulging in fraudulent trading in the shares of Gitanjali Gems. Apart from penalising, the regulator had barred him from the securities market for 10 years.
The regulator had issued common show-cause notice to Choksi in May 2022 pursuant to an investigation into the alleged manipulative trading in the scrip of Gitanjali Gems. The regulator conducted a probe into the trading activities of certain entities in the scrip of the company for the period July 2011 to January 2012.
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