PNB fraud: Enforcement Directorate freezes Nirav Modi's assets worth Rs 43.86 crore
File photo. Photograph: (Reuters)
The Enforcement Directorate has frozen Nirav Modi's assets worth nearly Rs. 43.86 crore. The 11,400 crore Punjab National Bank (PNB) scam involves complaints of Rs 280 crore against Nirav Modi, his family members and Mehul Choksi, owner of Gitanjali Gems.
The CBI and the Enforcement Directorate have come into action after the case was registered. So far, scores of raids and searches have been carried out across the country.
The ED froze Modi's bank accounts with a total balance of Rs 30 crore on Friday. Shares worth Rs 13.86 crore held in a company of Nirav Modi have also been attached.
Close to 176 steel almirahs and 60 plastic containers containing imported watches have being seized by the ED in today's raid. Properties belonging to Nirav Modi and Mehul Choksi are under the scanner and are been raided by the ED.
On Sunday, the ED is reported to have conducted raids at 45 different locations across 15 cities, while on Saturday close to 21 locations across India were raided. The enforcement body seized diamonds, gold, precious stones and jewellery worth Rs 25 crore.
The CBI has arrested five high profile accused in the case so far -- : Vipul Ambani, president, finance, Firestar International Pvt Ltd.; Kavita Mankikar, executive assistant and authorised signatory of the three accused firms, Arjun Patil, senior executive, Firestar group; Kapil Khandelwal, CFO, Nakshatra group; and Niten Shahi, manager, Gitanjali.
Five PNB officials including a General Manager (GM) rank officer of the nationalised bank have also been sacked.