PNB fraud: ED freezes deposits, shares worth Rs 440 mn of Nirav Modi Group

The ED on Friday said it has frozen bank deposits and shares worth about Rs 440 million of the Nirav Modi group, and seized a huge collection of imported watches from locations linked to the billionaire diamantaire.

Officials said they have put freeze orders on bank accounts containing Rs 300 million and shares worth Rs 138.6 million of the group under the Prevention of Money Laundering Act (PMLA).

A huge collection of imported watches, 176 steel almirahs, 158 boxes and 60 other containers have been seized during ED searches at multiple locations linked to the billionaire diamond jewellery designer over last week, they said.

Only yesterday, the agency seized deposits, shares and luxury cars worth over Rs 1 billion of the businesssman and his group.

Modi, his uncle and Gitanjali Gems promoter Mehul Choksi and others are being investigated by the ED and other 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 11.4 billion, 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.