ED Brings Back Jewels Eorth ₹1,350 cr Belonging to Nirav Modi

New Delhi: The Enforcement Directorate (ED) on Wednesday brought back over 2,300 kg of polished diamonds and pearls worth ₹1,350 crore of firms belonging to Nirav Modi and Mehul Choksi from Hong Kong, officials said.
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.

Both the businessmen are being probed by the ED under the Prevention of Money Laundering Act (PMLA) in connection with an over $2 billion alleged bank fraud at a PNB branch in Mumbai.
The valuables include polished diamonds, pearls and silver jewellery, and is worth ₹1,350 crore.

“These valuables 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,” ANI reported ED as saying.
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.