SEBI Freezes Mehul Choksi’s Bank, Demat, and Mutual Fund Accounts Over ₹2.1 Cr Insider Trading Dues

SEBI Freezes Mehul Choksi’s Bank, Demat, and Mutual Fund Accounts Over ₹2.1 Cr Insider Trading Dues

Last Updated Jun - 07 - 2025, 05:09 PM | Source : Fela News

SEBI freezes Mehul Choksi’s bank, demat, and mutual fund accounts to recover ₹2.1 crore insider trading penalty. Regulatory clampdown intensifies amid larger fi

In a major enforcement move, the Securities and Exchange Board of India (SEBI) has frozen fugitive diamond businessman Mehul Choksi’s bank accounts, demat holdings, and mutual fund investments to recover ₹2.1 crore linked to an insider trading penalty. The regulator issued a demand notice on May 20, 2025, giving Choksi 15 days to comply. Failure to make the payment would result in further attachment of movable and immovable assets, including bank lockers and demand bonds.

Choksi was earlier fined ₹5 crore by SEBI in October 2022 for irregular trading in Gitanjali Gems shares. With interest and recovery charges, the total outstanding amount has grown to approximately ₹5.35 crore. However, Choksi has neither contested nor paid the dues. The current action marks a tightening of financial screws around the absconding businessman, who is also wanted in India for his role in the multi-crore Punjab National Bank (PNB) fraud case alongside Nirav Modi.

SEBI’s crackdown may extend to Choksi’s overseas assets as well, as enforcement agencies coordinate efforts to hold him accountable. The move also serves as a stern warning to market participants about the consequences of regulatory violations. In its statement, SEBI reaffirmed its commitment to maintaining market integrity, regardless of the stature or influence of the individual involved. This action underscores a broader effort by Indian authorities to trace and recover dues from economic offenders who continue to evade justice from abroad.

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