ED charges businessmen with ₹8.09 crore foreign assets

The Enforcement Directorate (ED) in Mumbai has filed a charge sheet against businessmen Sidharth Chokshi and Abhay Chokshi. They are accused of holding undisclosed foreign assets and income worth ₹8.09 crore. This case is part of a money-laundering investigation. The ED's action follows a charge sheet from the Income Tax department. This earlier charge sheet was related to the Black Money Act of 2015. It was submitted to a magistrate in Mumbai. According to the ED, Sidharth and Abhay Chokshi are beneficial owners of an offshore company called Blue Mist International Inc. This company is registered in the British Virgin Islands and has a bank account in Singapore. The investigation found that Blue Mist signed a deal to buy property in Singapore from another firm, HKCL Investments Pte Ltd. The ED determined that the Chokshis had undisclosed income and assets totaling ₹8.09 crore, classifying these as Proceeds of Crime (POC). In January, the ED issued a provisional attachment order against them. Since the assets are outside India, the ED attached equivalent assets they own in India, worth the same amount. These attached assets include tax-free bonds and land in Pune. A special court dealing with the Prevention of Money Laundering Act (PMLA) has acknowledged the charge sheet and has initiated proceedings against the Chokshis. This means the court has found enough evidence to move forward with the case.