ED brings back Rs 1,350-cr worth polished diamonds, pearls of Nirav Modi, Choksi firms from HK
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 Nirav Modi and Mehul Choksi from Hong Kong, officials said.
migrator
New Delhi
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.
The ED completed "all legal formalities" with authorities in Hong Kongto bring back these valuables, the agency said.These will formallyseized under the PMLA now, it said..
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 jewelry, 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 be seized under the PMLA now, it said.
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