A close associate of Nirav Modi and a top official of his firm Shyam Sunder Wadhwa has been arrested by the Enforcement Directorate in a money laundering case under PMLA.

Shyam Sunder Wadhwa, vice president of Firestar Group was arrested, the agency said.

Nirav Modi is key accused in Rs. 14,500 crore Punjab National Bank scam.

Last month, the ED had attached 21 properties, including a penthouse and a farmhouse, of Nirav Modi and his group worth over Rs 523 crore in action against the beleaguered jeweller.&nbsp

The properties sealed included 10 offices, including two in Lower Parel worth around Rs 80 crore, six houses and two flats in Pune, all of which are registered in Nirav Modi’s name, in the name of his family members or companies or the Nirav Modi Trust.

Modi and Choksi and others are being investigated by multiple probe agencies after the PNB scam came to light following a complaint by the bank that they had allegedly cheated the nationalised bank to the tune of Rs 11,400 crore but the amount involved was later revised to Rs 13,900 crore as more such transactions came to light.

The ED has registered the money laundering case against Nirav Modi, his firms and others on the basis of a CBI first information report.

ED arrested Shyam Sunder Wadhwa, Vice President, Finance, of Firestar Group and a close associate of absconding diamantaire Nirav Modi under PMLA

A close associate of Nirav Modi and a top official of his firm Shyam Sunder Wadhwa has been arrested by the Enforcement Directorate in a money laundering case under PMLA. Shyam Sunder Wadhwa, vice president of Firestar Group was arrested, the agency said. Nirav Modi is key accused in Rs. 14,500 crore Punjab National Bank scam. Last month, the ED had attached 21 properties, including a penthouse and a farmhouse, of Nirav Modi and his group worth over Rs 523 crore in action against the beleaguered jeweller. The properties sealed included 10 offices, including two in Lower Parel worth around Rs 80 crore, six houses and two flats in Pune, all of which are registered in Nirav Modi’s name, in the name of his family members or companies or the Nirav Modi Trust. Modi and Choksi and others are being investigated by multiple probe agencies after the PNB scam came to light following a complaint by the bank that they had allegedly cheated the nationalised bank to the tune of Rs 11,400 crore but the amount involved was later revised to Rs 13,900 crore as more such transactions came to light. The ED has registered the money laundering case against Nirav Modi, his firms and others on the basis of a CBI first information report.

PNB scam:  ED arrests Shyam Sunder Wadhwa, close associate of Nirav Modi

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PNB scam: ED arrests Shyam Sunder Wadhwa, close associate of Nirav Modi