Will the Gitanjali Gems auction finally bring fugitive Mehul Choksi closer to justice?

According to the court’s order dated November 4, the auction proceeds, estimated at around ₹46 crore, will be kept as a fixed deposit in the name of the special court until the trial concludes.

What will be auctioned?

The assets include:

• Four flats in Borivali worth around ₹2.6 crore,
• A commercial unit and 14 car parkings in the Bharat Diamond Bourse, BKC, valued at about ₹19.7 crore,
• Six industrial galas in Goregaon East and one in Udyog Nagar,
• Along with silver bricks, semi-precious stones, and machinery from Gitanjali’s Jaipur facility.
• The valuation of these assets dates back to 2018.

The court clarified that only unsecured assets, not those claimed by secured creditors, can be sold.

It also emphasised that ownership and confiscation of proceeds will be decided only after the conclusion of the ongoing trial.

“The sale proceeds shall be deposited as fixed deposits with ICICI Bank, after deducting costs related to valuation and auction. The FDs will remain in favour of this Court,” the order stated.

The development comes amid fresh movement in Choksi’s extradition case. Last month, a Belgian court cleared the way for his extradition to India, ruling that there were no legal barriers and calling the charges “serious enough to justify it.”

The court noted that, although Choksi is not a Belgian citizen, his alleged involvement in fraud, corruption, and the use of forged documents makes the case extraditable.

However, the court excluded India’s charge under Section 201 (destruction of evidence), which is not recognised under Belgian law.

Choksi has since appealed the decision before Belgium’s Supreme Court, continuing his fight against extradition.

As India awaits the final verdict abroad, the Mumbai court’s order signals progress in recovering the massive losses from one of India’s biggest banking scandals.