Continuing its probe into PNB scam; ED freezes crores worth assets of Nirav Modi, Choksi
Continuing with its probe into the PNB scam, the Enforcement Directorate today announced freezing mutual funds and shares worth Rs 94.52 crore of the Nirav Modi and Mehul Choksi groups.
The action has come about in connection with a money-laundering probe against the duo and their companies.
The case involves over Rs 11,400-crore alleged fraud at the Punjab National Bank (PNB).
The Enforcement Directorate 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).
These include a Rolls Royce Ghost, a Mercedes Benz, a Porsche Panamera, three Honda variants, a Toyota Fortuner and an Innova.
It was informed that the frozen mutual funds and shares worth Rs 86.72 crore belong to Choksi and his group and the rest are owned by the Modi group.
It need be mentioned that Choksi is Modi’s uncle and promoter of the Gitanjali Gems group and other jewellery brands.
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. >