In a massive development in the case against the fugitive businessmen Nirav Modi and Mehul Choksi, the Enforcement Directorate has recovered more than Rs 1350 crore worth of assets. As per a statement issued by ED, the assets belong to various Dubai and Hong Kong based owned by the duo, and the assets have been seized from godowns in Hong Kong.
#Breaking 1st on TIMES NOW | Nirav Modi’s asset seizure details have been accessed.@dir_ED recovers Rs 1,350 crore worth of jewellery, seizes 108 consignments & recovers much more valuables.— TIMES NOW (@TimesNow) June 10, 2020
More #Exclusive details by Bhavatosh. pic.twitter.com/87UaqevYZU
As per the press release, the Enforcement Directorate has brought back 108 consignments of various overseas entities belonging to Nirav Modi and Mehul Choksi. The value of the consignment recovered worth 1350 crore rupees. The valuables include polished diamonds, pearls, and silver jewellery. The valuables were kept in godowns of a logistics company in Hong kong. The Consignments were brought back to Mumbai, the valuables weighed 2340 kgs.
The press release further stated, the consignments were sent to Hong Kong from Dubai in early 2018, and officers of Enforcement Directorate had received intelligence input above these valuables in July 2018. The officers were continuously engaged in decisions 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. Out of 108 consignments, 32 consignments belong to entities controlled by Nirav Modi, and rest belong to Mehul Choksi.
The Press release concluded saying ED had earlier successfully brought back 33 consignments related to Nirav Modi and Mehul Choksi from Dubai and Hong Kong. These consignments were valued at 137 crores when seized after bringing back to India. The valuation and seizure formalities are in progress.
Earlier on Tuesday, the Special court-ordered ED to take possession of the assets worth 1400 crore rupees belonging to Nirav Modi. However, the fugitive businessman has 30 days to claim the property from the ED and IT department.
The case is being probed under the Prevention of Money Laundering Act (PMLA) and Fugitive Economic Offenders Act 2018.
Nirav Modi is wanted in the country for the US Dollar 2 billion Punjab National Bank scam. He is currently under arrest in the UK.