ED files plaint against Choksi kin in Rs 8.09 cr undisclosed foreign assets case

The Enforcement Directorate (ED) on Saturday filed a prosecution complaint before a special PMLA court in Mumbai against Sidharth Choksi and Abhay Choksi in an alleged money laundering case.

The court took cognisance of the complaint on March 19, 2025, and has issued process against the accused.

The ED had initiated an investigation on the basis of prosecution complaints filed by the Income Tax Department against Sidharth and Abhay before the Additional Metropolitan Magistrate, Mumbai, under the provisions of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

The duo are key figures of the Choksi family, known for its presence in India’s precious metals industry through their enterprise, Hindustan Platinum Pvt Ltd.

During the investigation, the ED found that Abhay and Sidharth were allegedly the beneficial owners of Blue Mist International Inc, an offshore entity registered in the British Virgin Islands. The entity maintained a bank account in Singapore and had entered into a Sale and Purchase Agreement with HKCL Investments Pvt Ltd to acquire property in Singapore.

The agency’s probe revealed that the duo held undisclosed foreign income and assets amounting to Rs 8.09 crore, which is now classified as proceeds of crime.

Earlier, on January 1, the ED had issued a provisional attachment order for assets worth Rs 8.09 crore. As the illicit assets were located abroad, the agency attached equivalent assets in India, including land and bonds, in accordance with the provisions of the Prevention of Money Laundering Act, 2002.