PNB fraud case: ED seizures continue, Nirav Modi’s Rs 44 crore bank deposits, shares frozen

A huge collection of imported watches, 176 steel almirahs, 158 boxes and 60 other containers have been seized during ED searches at multiple locations linked to the billionaire diamond jewellery designer over last week. Yesterday, the agency had seized nine imported cars of Modi.

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PNB fraud case: ED seizes Nirav Modi's bank deposits and shares worth Rs 44 crore

ED freezes Nirav Modi’s bank deposits and shares worth Rs 44 cr, and a huge collection of imported watches (ANI Twitter)

The Enforcement Directorate on Friday seized diamond jeweller Nirav Modi’s bank deposits and shares worth Rs 44 crore in connection with the Rs 11,400 crore Punjab National Bank (PNB) fraud case.

Officials said they have put freeze orders on bank accounts containing Rs 30 crore and shares worth Rs 13.86 crore of the group under the Prevention of Money Laundering Act (PMLA).

A huge collection of imported watches, 176 steel almirahs, 158 boxes and 60 other containers have been seized during ED searches at multiple locations linked to the billionaire diamond jewellery designer over last week, they said.

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The agency had yesterday frozen shares and mutual funds worth Rs 100 crore Modi and promoter of Gitanjali Group Mehul Choksi in connection with the case. At least nine luxury cars, belonging to Modi, were also seized as part of the investigation under PMLA.

The cars seized include a Rolls Royce Ghost, a Mercedes Benz, a Porsche Panamera, three Honda variants, a Toyota Fortuner and an Innova. READ MORE

Earlier on Wednesday, the Income Tax (IT) department attached Rs. 145.74 crore found in several bank accounts belonging to Modi. Till date, the IT department has attached a total of 141 bank accounts/Fixed Deposits of the group.

The arrested CBI officials had yesterday told the agency that practice of illegally issuing Letters of Understanding (LoUs) and Foreign Letter of Credits (FLCs) and then rolling them over to favour Modi and Mehul Choksi groups started in 2008 and continued till these were discovered in January this year.

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The CBI and the ED have registered two FIRs each to probe the case. Both Modi and Choski are said to have left the country before criminal cases were lodged against them.

(With PTI inputs)

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Nirav Modi