ED Intensifies Action Against Choksi Brothers Over Rs 8 Crore Offshore Assets
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Synopsis
On March 22, 2025, the ED filed a Prosecution Complaint against Sidharth and Abhay Choksi for undisclosed foreign assets worth Rs 8.09 crore. The action is part of ongoing efforts to combat financial crimes and recover illicit assets.
Key Takeaways
- ED files Prosecution Complaint against Choksi brothers.
- Investigation linked to undisclosed foreign income.
- Assets worth Rs 8.09 crore identified as Proceeds of Crime.
- Blue Mist International Inc. linked to the case.
- Ongoing efforts to combat black money and ensure financial transparency.
Mumbai, March 22 (NationPress) The Directorate of Enforcement (ED), Mumbai Zonal Office, has lodged a Prosecution Complaint (PC) against Sidharth Abhay Choksi and Abhay Sajanlal Choksi in relation to a case concerning undisclosed foreign income and assets.
The Special Court (PMLA), Mumbai, acknowledged the complaint on March 19, 2025, and initiated legal proceedings against the accused.
As per the press statement released by the agency, the investigation was initiated by the ED following Prosecution Complaints submitted by the Income Tax Department under The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
The Department had previously lodged complaints against the Choksi brothers before the Additional Metropolitan Magistrate, Mumbai.
The ED’s investigation revealed that Sidharth Abhay Choksi and Abhay Sajanlal Choksi were the beneficial owners of an offshore entity named Blue Mist International Inc., registered in the British Virgin Islands (BVI), which maintained a bank account in Singapore.
Further investigation disclosed that Blue Mist International Inc., through a Sale & Purchase Agreement with HKCL Investments Pte Ltd., had acquired a property in Singapore.
The inquiry established that the Choksi brothers possessed undisclosed foreign income and assets amounting to approximately Rs 8.09 crore. These assets have been classified as Proceeds of Crime (POC) in this matter.
Earlier, on January 1, 2025, the ED had issued a Provisional Attachment Order for assets valued at Rs. 8.09 crore associated with the Choksi brothers in this investigation.
The actions of the ED are part of its continuous efforts to eradicate black money, promote financial transparency, and recover assets gained through unlawful methods.
With the submission of the Prosecution Complaint and the court's response, the ED is furthering its mission to hold those involved in financial crimes accountable and to facilitate the return of illicit assets to the public domain.
