The Enforcement Directorate (ED) in Surat has filed a prosecution complaint before the Special PMLA Court in Ahmedabad against Maharshi Sanjaybhai Chokkas and several others for allegedly laundering ₹60.52 crore in demonetised currency. The complaint, filed on November 27, 2025, accuses the group of orchestrating a large-scale conspiracy to reintroduce invalidated banknotes into the financial system.
The PMLA probe stems from a CBI Gandhinagar investigation under the Prevention of Corruption Act. According to investigators, the accused deposited ₹36.17 crore in demonetised notes into a fraudulently activated dormant account of M/s Nirav &amp; Co by using forged documents without the knowledge of the actual proprietor. An additional ₹24.35 crore was allegedly deposited into the bank account of M/s S.R. Traders, opened with incomplete KYC details.
ED stated that the accused cumulatively placed ₹60.52 crore into the banking system and converted it into proceeds of crime. The money was subsequently layered across multiple entities controlled by the accused, including M/s Shah Maganlal Gulabchand Choksi, M/s Maharshi Traders and M/s D.N. Traders, before being used to purchase gold and silver bullion or settle personal dues. Investigators also found that the accused created fictitious sales under ₹2 lakh to avoid PAN declaration and disguise the laundered funds as legitimate trade income.
During the probe, ED provisionally attached an immovable property valued at ₹2.6 crore belonging to Maharshi Chokkas. Further investigation into the laundering network remains underway.

ED files prosecution complaint over alleged ₹60.52 crore demonetisation-linked laundering

ED Charges Surat Men in ₹60.52 Cr PMLA Case

ED files prosecution complaint over alleged ₹60.52 crore demonetisation-linked laundering

December 9, 2025 | 19:02 IST