The Enforcement Directorate (ED) on Saturday registered a Prevention of Money Laundering Act (PMLA) case against Nirav Modi, Mehul Choksi and others in the Punjab National Bank (PNB) fraud case
Nirav Modi
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The Enforcement Directorate (ED) on Saturday registered a Prevention of Money Laundering Act (PMLA) case against Nirav Modi, Mehul Choksi and others in the Punjab National Bank (PNB) fraud case.
During the course of investigation, a total of 251 searches were conducted all over India. It led to the seizure of diamond, gold, pearls, and precious and semi precious stones.
Further, attachments of immovable properties belonging to Nirav Modi Group and Mehul Choksi Group have been provisionally attached. The total value of seizures and attachment is approximately Rs. 7638 crores.
A joint search with the Central Bureau of Investigation (CBI) was also conducted on March 22, at the residential premises of Nirav Modi at Samudra Mahal, Mumbai.
The search continued for three days and resulted in seizure of antique jewelry valued at Rs. 15 crores, high end watches valued at Rs 1.40 crores, and paintings worth approximately Rs. 10 crores.
The paintings include M. F. Husain, Kattingeri Krishna Hebbar, Amrita Sher-Gil, among others. One ring is valued at Rs. 10 crores approximately.
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