New delhi sources stated that the Enforcement Directorate (ED) on wednesday brought back over 2,300 kg of polished diamonds and pearls worth Rs 1,350 crore of firms belonging to fugitive diamantaire Nirav modi and Mehul Choksi from Hong Kong. According to officials, out of the 108 consignments that landed at mumbai, 32 belong to overseas entities "controlled" by modi while the rest are of Mehul Choksi firms, a channel reported.
Both the businessmen 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.
The valuables include polished diamonds, pearls and silver jewellery, and is worth Rs 1,350 crore. The ED completed "all legal formalities" with authorities in hong kong to bring back these valuables, the agency said. These will formally seized under the PMLA now, it said. Nirav modi, 48, and Mehul Choksi, 60, are accused in the punjab National bank scam. modi, who has allegedly defrauded state-run punjab National bank of over Rs 14,000 crore, has been behind bars at Wandsworth in england since his arrest on march 19. An extradition warrant was executed by the scotland Yard based upon the charges brought by the indian government. His bail petitions have also been turned by the UK high court.
Meanwhile, rare paintings, exquisite wrist watches and luxury cars belonging modi was auctioned live on february by the Enforcement Directorate.
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