NEWS NIRAV CHOKSI
NEW DELHI: About 2,300 kg of polished diamonds, pearls and jewellery worth Rs 1,350crore that Indian jewelers Nirav Modi and Mehul Choksi sent to Dubai in the middle of investigations into fund frauds and bank swindlings, has been brought back to India by the Enforcement Directorate (ED) in one of the rare success stories of the Indian investigating agencies.
These would be accounted against the Punjab National Bank fraud, and are now kept at a safe location in Mumbai,as per reports. Both these businessmen fled India in 2018, as investigations into the PNB fraud heated up. Nirav Modi was arrested in London last year, and he is fighting extradition proceedings, similar to the games being played from UK by another fugitive businessman, Vijay Mallya.
The ED imported from Hong Kong around 108 packs of jewellery and gems kept by Nirav Modi and his uncle Mehul Choksi in save vaults abroad. The ED came in the way when the two schemed to fly these stocks to Dubai from Hong Kong in 2018. It took two years for the ED to complete its task and get back the huge stocks.
The stocks included polished diamonds, pearls, and silver jewellery valued at around Rs 1,350 crore. They weighed 2,340 kg. as per information passed on to the media here on Wednesday. A larger part of this belonged to Mehul Nirav Modi was arrested last year in London and is fighting extradition to India from jail.attempt to recover some of what Nirav Modi owes banks, agencies auctioned much of his assets, including a Rolls Royce car, paintings of famous artists MF Hussain and Amrita Shergill, designer handbags and other luxury items. IHN-NN
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