ED Surat files prosecution complaint in ₹60 crore demonetised notes laundering case

Ahmedabad: The Surat Sub-Zonal Office of the Enforcement Directorate (ED) has filed a Prosecution Complaint before the Special PMLA Court in Ahmedabad against Maharshi Sanjaybhai Chokkas and others in connection with a money-laundering case involving the alleged illegal channeling of demonetised currency worth ₹60.52 crore into the banking system.

According to the ED, the prosecution complaint was filed on 27 November 2025 following an investigation initiated on the basis of a CBI Gandhinagar case under the Prevention of Corruption Act, 1988.

The ED alleged that Maharshi S. Chokkas, along with Himanshu R. Shah and Sunil R. Rupani, conspired to deposit Specified Bank Notes (SBNs), banned during the 2016 demonetisation drive, into bank accounts by using forged and incomplete documents.

The probe revealed that:

• – Chokkas and Himanshu R. Shah allegedly deposited ₹36.17 crore in demonetised notes into a fraudulently reactivated dormant account of M/s Nirav & Co., opened using forged documents in the name of proprietor Nirav R. Shah, without his knowledge.

• – Chokkas and Sunil R. Rupani allegedly deposited another ₹24.35 crore in SBNs into the bank account of M/s S.R. Traders, a proprietorship of Rupani, opened with incomplete KYC details.

In total, the three accused are alleged to have deposited ₹60.52 crore in SBNs, generating an equivalent amount of Proceeds of Crime (POC).

The ED further stated that Chokkas and Shah later layered and circulated the laundered funds through multiple entities controlled by them, including M/s Shah Maganlal Gulabchand Choksi, M/s Maharshi Traders, and M/s D.N. Traders. The funds were ultimately used for purchasing gold and silver bullion or for clearing personal liabilities.

To project the funds as legitimate, the accused allegedly made fictitious sales to unknown individuals by misusing the exemption from PAN requirements for transactions below ₹2 lakh.

During the course of the investigation, the ED had earlier provisionally attached an immovable property worth ₹2.6 crore belonging to Maharshi Chokkas.

The agency stated that further investigation in the case is underway. DeshGujarat