Diamonds Seized From Mehul Choksi Firm Pegged At Rs 1.06 Crore, Actually Cost Rs 10 Lakh

| April 17 , 2018 , 14:12 IST

The more than 9,000 CVD diamonds seized by the CBI from a Surat unit of Mehul Choksi, co-accused in a Rs 12,700 crore scam of Punjab National Bank had been pegged at a total price of Rs 1.06 crore, however detailed examination of the diamonds has revealed that their total value is just Rs 10 lakh.

According to CBI, the value of Rs 1.06 crore had been given based on statements by employees and the book value of the assets.

“At the time of the raid, we were told that the diamonds were worth Rs 1.06 crore… this was based on the statements given by the employees and the book value of the assets,” a CBI source said to the Indian Express.

ALSO READ: PNB Scam: ED Attaches 41 Properties Worth Rs. 1,217 Crore Connected To Mehul Choksi

"We had then sent the seized items for evaluation and have recently received a report… The valuers have pegged the value of the CVD (chemical vapor deposition) diamonds at a paltry Rs 10 lakh, which is over 10 times less than the original quoted value,” the CBI source added.

The Enforcement Directorate (ED), which is probing the money laundering allegations in the case, said that they are waiting for reports from independent valuers as well.

Jeweller businessman Nirav Modi and his uncle Mehul Choksi are accused in the multi-crore scam of PNB but both left the nation before the scam came to light, and are currently absconding, which led to multiple raids on residences and offices connected to them.