#PNBScam: ED dives in Nirav Modi’s Samudra Mahal and staples assets worth 26 Cr

Mumbai, March 24: Enforcement Directorate (ED) has attached properties worth Rs 26 crore in the PNB fraud case on Saturday. According to the information provided by the ED, on Thursday, Nirav Modi’s luxury house 'Sagar Mahal' located in Mumbai was searched by the CBI team, which continued till Saturday morning.

Meanwhile, jewelry of 15 crores, good quality clocks worth Rs 1.40 crores and paintings worth Rs 10 crores, including MF Hussein, K. Hebber, and Amrita Shergil's artwork were seized. ED nabbed Modi's 10-diamond diamond ring.

After registering a separate case against Mehul Choksi, the ED came into action. So far, ED has raided 251 properties across the country and seized diamonds, gold, precious stones, and beads. Earlier ED had also attached 7,638 crores of Nirav Modi Group and Mehul Choksi Group.

 

Last month ED seized bank deposits and shares worth Rs 44 crore of Nirav Modi Group. The move came a day after the ED issued fresh summons to Nirav Modi after he failed to appear before the probe agency in the PNB loan fraud case. The ED had frozen bank deposits containing 30 crore rupees and shares worth 13.86 crore rupees of the group under the Prevention of Money Laundering Act (PMLA).

Mehul Choksi and Nirav Modi went out of the country in January along with their families.