Lawstreet Journal

Diamonds and Pearls owned by Nirav Modi and Mehul Choksi worth Rs 1,350 Cr brought back by ED from Hong Kong

Lawstreet Journal 11 Jun 2020 9:07pm

Image courtesy: Lawstreet Journal Business Diamonds and Pearls owned by Nirav Modi and Mehul Choksi worth Rs 1,350 Cr brought back by ED from Hong Kong

On Wednesday, 10th June 2020 the Enforcement Directorate (ED) has brought back about 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 to India. 

Around 32 out of 108 consignments that landed at Mumbai belonged to Nirav Modi’s controlled overseas entities, whereas the rest of them belonged to Mehul Choksi firms. 

In connection with the USD 2 million alleged bank fraud, both the businessmen are being probed by the ED under the Prevention of Money Laundering Act (PMLA), 2002. 

The valuables worth Rs 1,350 crore include polished diamonds, pearls and silver jewelry. 

Along with the authorities in Hong Kong all legal formalities were completed by the ED officials in order to facilitate the movement of these valuables from Hong Kong to India. However, these valuables have now been formally seized under the PMLA.

 

 

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Tagged: Nirav Modi   Mehul Choksi   Enforcement Directorate  
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