Punjab National Bank fraud: ED seizes Rs 100 crore assets, luxury cars of Nirav Modi, Mehul Choksi

ED also seized nine high-end luxury cars of Modi as part of its investigation against him under the criminal provisions of the Prevention of Money Laundering Act.

Published: 22nd February 2018 11:15 AM  |   Last Updated: 22nd February 2018 06:11 PM   |  A+A-

Nirav Modi (Photo | Ventuno)

By PTI

MAHARASHTRA: The ED today said it has frozen mutual funds and shares worth over Rs 100 crore of the Nirav Modi and Mehul Choksi groups in connection with a money-laundering probe against them in the Rs 11,400-crore alleged fraud at the Punjab National Bank (PNB).

It also seized nine high-end luxury cars of Modi as part of its investigation against him under the criminal provisions of the Prevention of Money Laundering Act (PMLA).

Enforcement Directorate officials said they have frozen mutual funds and shares worth Rs 86.72 crore belonging to Choksi and his group and Rs 7.80 crore owned by the Modi group.

While the total value of these shares and mutual funds is Rs 94.52 crore, the costly four-wheelers are worth a few crores and hence the total seizure value stands to be over Rs 100 crore, the officials said.

The total seizure in the case is now Rs.5,826 crore, which the agency has said is being independently valued.

Choksi is Modi's uncle and promoter of the Gitanjali Gems group and other jewellery brands.

The central probe agency also seized nine costly cars of Modi, recovered by it during raids last week.

WATCH VIDEO | PNB scam ED seizes nine cars belonging to Nirav Modi, his companies

These include a Rolls Royce Ghost, a Mercedes Benz, a Porsche Panamera, three Honda variants, a Toyota Fortuner and an Innova.

Modi, Choksi and others are being investigated by multiple probe agencies after it recently came to light, following a complaint by the PNB, that they allegedly cheated the nationalised bank to the tune of Rs 11,400 crore, with the purported involvement of a few employees of the bank.

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.



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