Over 2 tonnes of diamonds, pearls belonging to Nirav Modi, Choksi group entities brought back to India. Economic offenders Nirav Modi and his uncle Mehul Choksi, who allegedly defrauded the country’s banks of billions of dollars, had planned to ship the high-value consignments to Dubai which were “successfully imported” from Hong Kong to Mumbai by the law enforcement agency.
The duo had planned to smuggle these high-value consignments to Dubai evading authorities.
The consignments consisted of polished diamonds, pearls, pearl and silver jewellery weighing 2,340 Kg (approximately). They were kept in the godown of a logistics company in Hong Kong.
But in a major setback, the Enforcement Department brought back these consignments to Mumbai.
ED said that it brought back 108 consignments belonging to various overseas entities of Nirav Modi and Mehul Choksi in Hong Kong. These include polished diamonds and jewellery worth Rs 1,350 crores.
Acting on intelligence inputs, ED reached out to Hong Kong authorities and urged them for the cargo to be shipped to Mumbai so that it could be claimed by the creditor Punjab National Bank. Out of the 108 consignments, 32 belong to Modi while 72 belong to Choksi.
Earlier, ED had seized and brought back 33 valuable consignments from Dubai and Hong Kong in the ongoing cases against the duo. These were valued at Rs 137 crore by independent assessors.
Both fugitive businessmen are being probed by the ED under the Prevention of Money Laundering Act (PMLA) over alleged bank fraud amounting to $ 2 billion at a Punjab National Bank branch in Mumbai.