The agency has “successfully imported” around 108 packages of jewellery and gems belonging to firms controlled by Nirav Modi and his uncle Mehul Choksi
NEW DELHI| Enforcement Directorate brought back over 2,300 kg of polished diamonds, pearls and jewellery worth Rs 1,350 crore that fraud-accused jewellers Nirav Modi and Mehul Choksi allegedly dispatched to Dubai while they were being investigated.
The investigators said the agency has “successfully imported” from Hong Kong around 108 packages of jewellery and gems belonging to firms controlled by Nirav Modi and his uncle Mehul Choksi. The two were planning to fly these consignments to Dubai from Hong Kong in 2018 while evading officials on their trail.
The jewellery includes polished diamonds, pearls, pearl and silver. Investigators say the entire shipment is valued at around Rs 1,350 crore and weights 2,340 kg.
Following tipoffs by intelligence agencies, the ED launched an effort to persuade Hong Kong to impart the jewellery to India so it could be officially seized in the Punjab National Bank loan scam case.
Following the officials, the packages have been brought to Mumbai. Officials say of the 108 consignments, 32 belong to Nirav Modi and 76 belong to Mehul Choksi.
Nirav Modi (48) and Mehul Choksi (60) are accused in a scam involving fake guarantees in the name of state-run 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. Nirav Modi was arrested last year in London and is fighting extradition to India from jail.
In an attempt to recover some of what Nirav Modi owes banks, agencies auctioned much of his assets, including a Rolls Royce car, paintings of famous artists MF Hussain and Amrita Shergill, designer handbags and other luxury items.
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