The agency has seized over 34,000 pieces of jewelry from a organization owned by Mehul Choksi. (File)
The agency explained the jewelry was “brought from Dubai” and has been seized beneath the Prevention of Cash Laundering Act or PMLA.
“ED seizes over 34,000 pieces of jewelry well worth Rs 85 crore beneath PMLA of Mehul Choksi controlled Gitanjali Group brought from Dubai,” it explained in a assertion.
Choksi, along with his nephew and millionaire designer jeweller Nirav Modi, is being investigated by the ED for allegedly defrauding PNB, the country’s 2nd biggest lender.
Modi, Choksi and other individuals are being investigated by the ED as perfectly as other probe businesses immediately after the fraud arrived to light this calendar year pursuing a complaint by the PNB that they allegedly cheated the nationalised lender to the tune of over Rs 13,000 crore, with the purported involvement of a handful of staff of the lender.
The Central Bureau of Investigation or CBI and the ED have registered two 1st info reviews every single in the case.
The CBI has this 7 days submitted two demand sheets in the case in advance of a Mumbai courtroom although the ED is expected to file its own prosecution complaint quickly.
Both Modi and Choski are explained to have left the nation in advance of felony situations were lodged towards them