New Delhi: The Enforcement Directorate (ED) on Wednesday introduced 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, officers mentioned.
Out of the 108 consignments that landed at Mumbai, 32 belong to abroad entities “controlled” by Modi whereas the remainder are of Mehul Choksi firms.
Both the businessmen are being probed by the ED beneath the Prevention of Money Laundering Act (PMLA) in reference to an over USD 2 billion alleged financial institution fraud at a Punjab National Bank (PNB) department in Mumbai.
The valuables embrace polished diamonds, pearls and silver jewelry, and is worth Rs 1,350 crore. The ED accomplished “all legal formalities” with authorities in Hong Kong to deliver back these valuables, the company mentioned. These shall be formally seized beneath the PMLA now, it mentioned.