New Delhi, July 27: Nirav Modi and Mehul Choksi’s assets seized by the investigation agencies value less than half of what the Enforcement Directorate officials had estimated. An ED official told NDTV that the assets seized from Modi and Choksi actual value are Rs 3,500 crore which was earlier estimated to be Rs 7,800 crore. Also Read - TV Actor Sooraj Thapar Hospitalised After Testing Positive For Covid-19, Is Stable Now

Considering the actual value of the assets, the ED has now written to the customs department to start proceedings against Nirav Modi and Mehul Choksi for overvaluing the low-quality goods. The ED Directorate of Revenue Intelligence has filed a case against the duo for selling goods at higher prices. Also Read - Mumbai to Open Drive-in Vaccination Centres in Several Areas. Check List

The differences were reported after two former employees of Nirav Modi jewellery chain revealed that the diamond czar used to sell its goods at a much higher price. They said that the value, written in the company books, could be exaggerated and the real value could turn out to be much less than what has been estimated so far. Also Read - Rajeev Masand Health Update: Film Critic Still Critical, Responding To Proning Technique

“I am afraid if a proper evaluation by a government approved valuer is done…I would not be surprised if the value is found to be 10-20% of what people are quoting,” Santosh Srivastava, former Managing Director of Gitanjali, had said.

The ED, in its chargesheet, had said that Mehul Choksi exported abysmally low-quality goods at inflated prices to dummy companies abroad and the group’s books were manipulated by using third-party remittance system. “Goods exported to other countries were of abysmally low quality but their value was highly inflated,” it said.

It further added that the valuation of exported/imported goods was decided by Choksi. Earlier in the day, the ED filed a chargesheet against Mehul Choksi in a Mumbai court naming him the “mastermind” behind the multi-crore Punjab National Bank (PNB) scam. In the chargesheet, ED stated that Choksi designed the scheme of fraud and the movement of the money under the cover of export and import.

In February 2018, the alleged kingpin of the largest banking scam in the history of India, Nirav Modi, had written to the PNB and said that the dues are much lower than Rs 11,400 crore, the amount the bank has gone public with. The fugitive diamond czar valued his dues to be around Rs 6,500 crore.