PNB Rs 114 bn fraud: Nirav Modi's seized assets may only fetch a fraction

Probe agencies suspect the market value of stock to be much lower than book value

Assets the government’s central probe agencies claim to have seized assets from Nirav Modi’s warehouses and showrooms, which are worth around Rs 57 billion at book value, are likely to yield less than half the amount when they are disposed of.

The fraud is estimated at Rs 114 billion, but recovering even a fourth of this amount is unlikely, said probe agency sources.

So far, the Enforcement Directorate (ED), had conducted searches at over 200 premises of Modi as well as Gitanjali Gems and seized diamonds, gold and precious stones worth Rs 56.74 billion based on the book value. The