The Enforcement Directorate (ED) has brought back from Hong Kong 108 consignments of various overseas entities owned by Nirav Modi and Mehul Choksi which contained over 2,300 kg of polished diamonds and pearls worth Rs 1,350 crore, agencies quoted officials as saying.
Enforcement Directorate officials told agencies that the valuables include polished diamonds, pearls, pearl and silver jewellery which were kept in the godown of a logistics company in Hong Kong. Of the 108 consignments that landed at Mumbai, ED officials said 32 belonged to overseas entities “controlled” by Nirav Modi while the rest are of Mehul Choksi firms, ANI reported.
The consignments will formally be seized under the PMLA now, the officials said.
The ED completed “all legal formalities” with authorities in Hong Kong to bring back these valuables, the agency said.
The Enforcement Directorate had earlier brought back 33 consignments of valuables from Dubai and Hong Kong that belonged to entities owned by Nirav Modi and Mehul Choksi.
ANI reported that those consignments of valuables were valued on arrival and subsequently seized in India. An independent valuer had assessed those earlier consignments to be worth around Rs 137 crore, ANI stated.
Both businessmen Nirav Modi and Mehul Choksi are being probed by the ED under the Prevention of Money Laundering Act (PMLA) in connection with an over USD 2 billion alleged bank fraud at a PNB branch in Mumbai.