NEW DELHI: The Enforcement Directorate (ED) on Thursday seized nine luxury cars belonging to Nirav Modi, fugitive diamantaire embroiled in the Rs 11,400 crore PNB loan scam case.
The cars were seized from two different locations in Mumbai after the sleuths conducted searches at 17 locations. According to the investigators, ED has also frozen mutual funds and shares worth Rs 94.52 crore of the Nirav Modi and Mehul Choksi groups, as part of its investigation, under the money laundering Act. Mutual funds and shares worth Rs 86.72 crore belong to Choksi and his group and the rest are owned by the Nirav Modi Group, said ED officers.
Besides the Rolls Royce, Porsche and Mercedes, the ED also seized three Honda cars, one Toyota Fortuner and one Innova.
The CBI that is separately probing the loan fraud case against Modi and Choksi grilled all the 12 accused in the case and confronted some of them with one another. IT also questioned some other PNB officials as part of the ongoing probe in the case.
Modi’s three firms Diamond R Us, Solar Energy Pvt Ltd and Stellar Diamond and Choksi’s Gili, Gitanjali and Nakshatra are alleged to have defrauded the PNB to the tune of `11,400 crore through 293 Letters of Undertaking and several Letters of Credits in collusion with the public sector bank’s officials.
The ED is also probing 120 companies owned by Modi and Choksi for being fronts for laundering money of the two diamond traders.
Meanwhile, the I-T Department has attached 141 bank accounts and fixed deposits of the Nirav Modi Group. The cumulative credit balance in these accounts is to the tune of `145.74 crore.