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Journalism of Courage
This is an archive article published on March 22, 2025
Black money case: ED files prosecution complaint against Mumbai-based businessmen
According to the agency, their investigation revealed that Mumbai-based businessmen Siddharth Abhay Chokshi and Abhay Sajanlal Chokshi held undisclosed foreign income and assets amounting to Rs 8.09 crore.
ED's probe further revealed that Blue Mist International Inc., BVI had entered into a Sale and Purchase Agreement with HKCL Investments Pte Ltd for purchase of a property in Singapore. (File photo)
The Enforcement Directorate (ED) has filed a prosecution complaint (equivalent to chargesheet) against Mumbai-based businessmen Siddharth Abhay Chokshi and Abhay Sajanlal Chokshi before a special Prevention of Money Laundering Act (PMLA) court recently.
According to the agency, their investigation revealed that both Siddharth and Abhay Chokshi held undisclosed foreign income and assets amounting to Rs 8.09 crore, which are Proceeds of Crime (POC) in the case.
The court on March 19 took cognizance of ED’s prosecution complaint and issued process against the accused, the central agency stated on Saturday.
During their investigation the anti-money laundering agency found that both Siddharth and Abhay were the beneficial owners of an offshore entity, Blue Mist International Inc., registered in the British Virgin Islands having a bank account in Singapore.
ED’s probe further revealed that Blue Mist International Inc., BVI had entered into a Sale and Purchase Agreement with HKCL Investments Pte Ltd for purchase of a property in Singapore.
The central agency has already issued a Provisional Attachment Order on January 1, 2025, for assets worth approximately Rs 8.09 crore in the case.
The ED initiated action in the case after the Income Tax Department filed a prosecution complaint against Siddharth 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 Indian Express Pvt Ltd
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