ED Seizes Assets Worth Rs. 1350 Crore in Punjab National Bank Fraud Case

Kunjan Ahluwalia 

New Delhi, June 11: The Enforcement Directorate (ED) on Wednesday confiscated assets worth Rs. 1350 Crores in 108 assignments from Hong Kong. The consignments of precious gems and jewelry belonged to fugitive diamantaire Nirav Modi and his uncle Mehul Choksi. The duo is involved in the infamous Punjab National Bank fraud case of about Rs 200 Crores.

The ED seized the assets in question after a special court in Mumbai allowed confiscation of worth Rs. 1400 Crore fraud case. The order came under the Fugitive Economic Offenders Act. 

An ED official revealed “Value of these goods has been declared to be Rs 1,350 crores (approx). These valuables include polished diamonds, pearls, pearl and silver jewelry, etc. and were kept in the godown of a logistics company in Hong Kong”

In 2018, the ED had received inputs about Modi and Choksi sending valuables weighing about 2340 Kg from Dubai to Hong Kong. The agency has been in touch with their Hong Kong counterparts since then. 

Punjab National Bank Fraud Case
Punjab National Bank Fraud Case

Nirav Modi has been in a UK prison since March last year, while Choksi is facing extradition proceedings in Antigua.

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