In a shocking revelation by the Enforcement Directorate, it has come to light that Mehul Choksi was on his way to successfully master a big scam. Even bigger than Nirav Modi's Rs. 14365 crore fraud.
Soon after the Indian investigative agencies registered a criminal complaint against Mehul Choksi in February this year, his brother Chetan Choksi visited Gitajanli Ventures DMCC office in UAE to "put pressure on staffs to handover the said goods (jewellery) to him", stated a prosecution complaint filed by the Enforcement Directorate against Mehul Choksi in the PNB scam. But the employees refused, as they had come to know that different agencies in India have booked cases against Mehul and Gitanjali Group of companies under the Prevention of Money Laundering Act and various other acts.
In the statement given to the Enforcement Directorate, Dion Lily White, Vice President of Gitanjali Ventures DMCC, Dubai, stated that around $13 million worth of studded jewellery was lying in the locker room of the Gitanjali Ventures DMCC office in Dubai and jewellery worth $3 million was stored in local retail outlets. Apart from these goods, the employees were also having AED 2 million (currency) in the office locker. Significantly, the ED officials managed to convince the employees and successfully brought the jewellery back to India.
The agency was yet again shocked to see the poor quality of stock maintained by Choksi. The declared value of the goods seized by the ED at Hyderabad SEZ Ltd, owned by Choksi, was Rs. 3,840 crore, but after valuation by the government-approved official, the real value turned out to be worth Rs. 103 crore only, which is less than 3 per cent of the declared value.
Since February 2018, the agency conducted searches at Choksi's 130 premises and seized goods with book value of Rs. 1,280 crore. But after an exhausting valuation process for two months, the value came out to be Rs 597.75 crore, almost a difference of 47 per cent (of total booked value). In case of Nirav Modi, the real value was 27 per cent of the total declared value. These are some crucial findings of a prosecution complaint filed by ED against Mehul Choksi in PNB scam.
Nehal Modi, brother of Nirav Modi, is found to be involved in receiving the proceeds of crime in the guise of royalty, advances, export or import from the shell companies of Choksi. "Nehal Modi who is the CEO of USA-based Samuels Jewelers INC., and Diamlink Inc was involved in receipt of Proceeds of Crime (PoC) in the guise of royalty agreement with the Dubai-based sale companies of Choksi", the chargesheet stated.Read More