Diamond traders Modi and Choksi had together defrauded the Punjab National Bank of Rs 13,500 crore through fraudulent letters of undertaking (LoCs).
The Enforcement Directorate (ED) on Wednesday brought back valuables worth over Rs 1,350 crore belonging to PNB scam accused and fugitive jewellers Nirav Modi and Mehul Choksi from UAE and Hong Kong.
These valuables were brought as part of 108 consignments belonging to entities floated by the uncle-nephew duo in UAE and Hong Kong.
“These valuables include polished diamonds, pearls, pearl and silver jewelry etc. and were kept in the godown of a logistics company in Hong Kong. These consignments were brought back to Mumbai today and the consignments weigh approximately 2,340 kg,” the ED said in a statement.
According to the ED, these consignments had been sent to Hong Kong from Dubai in early 2018 and agency officers had received intelligence input about these valuables in July 2018.
“The officers were continuously engaged in discussion with various authorities in Hong Kong to bring these valuables back to India. Various modalities were finalized and after completing all the legal formalities, these consignments have now been brought back to India,” the ED said.
Out of 108 consignments, 32 consignments belong to the entities controlled by Nirav Modi while the rest belong to Mehul Choksi’s firms, the ED said.
Earlier, the ED had successfully brought back 33 consignments of valuables from Dubai and Hong Kong in the case. These valuables were valued on arrival and were subsequently seized in India. An independent valuer had assessed these earlier consignments to be worth around Rs 137 crore, the ED claimed.
Diamond traders Modi and Choksi had together defrauded the Punjab National Bank of Rs 13,500 crore through fraudulent letters of undertaking (LoCs). Both fled the country before an FIR was registered by the CBI against them in 2018. While Modi is currently facing extradition proceedings in the UK, Choksi is holed up in Antigua. Investigations by CBI and ED have found that Modi diverted a large part of these funds to family members and for personal purposes.