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Nirav Modi News: ED Retrieves Rs 1,350 Million Polished Diamonds, Nirav Modi Beads, Hong Kong Choksi Companies | India Business News

NEW DELHI: The Directorate of Execution (ED) on Wednesday brought more than 2,300 kg of polished diamonds and pearls worth Rs 1.35 billion from companies belonging to Nirav Modi and Mehul Choksi from Hong Kong, the agency said.
Of the 108 shipments that landed in Mumbai, 32 belong to foreign entities in the UAE and Hong Kong “controlled” by Nirav Modi while the rest are from Mehul Choksi companies said in a statement.
ED is investigating both entrepreneurs under the Money Laundering Prevention Act (PMLA) in connection with an alleged bank fraud of more than $ 2 billion at a PNB branch in Mumbai.
The 2,340 kg valuables include polished diamonds, pearls and silver jewelry, and are worth Rs 1.35 billion.
The ED completed “all legal formalities” with the Hong Kong authorities to recover these valuables, the agency said.
These valuables, authorities said, were transferred to Hong Kong from Dubai in early 2018 so that they could be saved from being seized or annexed by the ED or any other investigative agency.
The ED obtained intelligence on this movement in July of that year and since then detectives have been following its trail.
These valuables were stored in the market of a logistics company in Hong Kong, said the central investigation agency.
“Officers were continually arguing with various authorities in Hong Kong to bring these valuables to India. Various modalities were finalized and after completing all legal formalities, these shipments have now been returned to India,” he said, adding that they will do it. be formally seized under the PMLA.
This is the second action in this case, as ED had previously retrieved 33 valuables shipments from Dubai and Hong Kong. They were valued at Rs 137 crore then, the ED said.
On June 8, a special PMLA court in Mumbai had allowed the confiscated assets of Nirav Modi, the key defendant in this case, to be confiscated under the Fugitive Economic Offenders Act (FEOA).
This was the first such order in the country after the Fugitive Economic Criminals Act was passed two years ago.
Nirav Modi (49), currently housed in a UK prison, was declared a fugitive economic criminal in December by the Mumbai court. He was arrested in London in March 2019 and is currently fighting extradition to India.
Her uncle Mehul Choksi has been evading the law since the investigation into this case began and it was claimed that he lived in Antigua and Barbuda from where the Indian government is seeking his extradition, investigative agencies said.
On video: ED recovers jewelery worth Rs 1350 cr from Nirav Modi, Choksi firms

Times of India

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