The Enforcement Directorate has brought back from Hong Kong more than 2,300 kg of polished diamonds and pearls worth Rs 1,350 crore of firms belonging to Nirav Modi and Mehul Choksi , officials said on Wednesday.
Out of the 108 consignments that landed at Mumbai, 32 belong to overseas entities "controlled" by Nirav Modi while the rest are of Mehul Choksi firms.
ED brought back 108 consignments containing polished diamonds, pearls, pearl and silver jewelry etc worth Rs. 1350 Crores (approx) of various overseas entities of Nirav Modi & Mehul Choksi which were kept in the godown of a logistics company in Hong Kong.
June 10, 2020Both the fugitive businessmen are being probed by ED under the Prevention of Money Laundering Act, 2002, in connection with an over $2 billion fraud at a Punjab National Bank branch in Mumbai.
The ED completed "all legal formalities" with authorities in Hong Kong to bring back these valuables, the agency said. These will be formally seized under PMLA now, it said.
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