Published 19:32 IST, June 10th 2020
PNB scam: ED retrieves goods worth Rs 1350 cr belonging to Nirav Modi, Mehul Choksi firms
ED said it has brought back 108 consignments of valuable goods worth Rs 1350 Crores (approx) belonging to firms of Nirav Modi and Mehul Choksi from Hong Kong
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The Enforcement Directorate (ED) said on Wednesday it has brought back 108 consignments of valuable goods worth Rs 1350 Crores (approx) belonging to firms of fugitive diamantaire Nirav Modi and uncle Mehul Choksi from Hong Kong. These goods include polished diamonds, pearls, silver jewellery, etc which were kept in the godown of a logistics company in Hong Kong and were brought to Mumbai with the consignment weighing 2340 kgs (approx).
In a press statement, the ED said these consignments had been sent to Hong Kong from Dubai in early 2018 and agency officers had received intelligence inputs about those valuables in July of that year.
"The officers were continuously engaged in discussion with various authorities in Hong Kong to bring these valuables back to India," the ED said, adding that various modalities were formalised and after completing all the legal formalities, the consignments were retrieved. Out of the 108 consignments, 32 belongs to firms controlled by Nirav Modi while the rest are of those owned by Mehul Choksi.
Earlier, the ED had successfully brought back 33 consignments of valuables from Dubai and Hong Kong in connection to the money laundering case on both the fugitives. The agency said an independent valuer accessed these consignments to be worth around Rs 137 crores.
Scamster diamantaires
Nirav Modi and Mehul Choksi are accused in a scam involving fake guarantees in the name of state-run Punjab National Bank (PNB) to secure overseas loans. Both fled India in 2018, before the Central Bureau of Investigations (CBI) began investigations. Both the businessmen are being investigated by the ED under the Prevention of Money Laundering Act. Modi was arrested last year in London and is fighting extradition to India from jail.
19:32 IST, June 10th 2020