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PNB fraud: ED freezes deposits, shares worth Rs 44cr of Nirav Modi group

  •   Fri, Feb 23 2018 12:32:35 PM

Mumbai, New Delhi, Feb 23 (PTI): The ED today said it has frozen bank deposits and shares worth about Rs 44 crore 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 30 crore and shares worth Rs 13.86 crore 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 jewelry designer over last week, they said.

Only yesterday, the agency seized deposits, shares and luxury cars worth over Rs 100 crore of the businessman 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 11,400 crore, 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.
  

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Comment on this article

  • SMR, Karkala

    Fri, Feb 23 2018

    Nirav Modi pulled off the great Indian bank robbery. This is second biggest haste after Winsome Diamond of Diamond merchants who left India with loot.
    Total fraud amount is more than Rs 11,000 crores minus Rs 44 crores equals Rs. 10, 956 balance.
    This is only disclosed figures. The final figures may be much more.
    Arrested bank officials tell CBI, PNB fraud favouring Nirav Modi started in 2008. But
    Nirav Modi who has already Tweeted his employees to find new jobs and informed Punjab National Bank for making hi
    PM Modi wanted to speak is once again like to be mute till the dust settled down. Whereas RBI Governor is employing same tactics post 'demonetisation' is not available to speak.
    Diamantaire Nirav Modi has left a $1.8 billion hole in Punjab National Bank’s books, something that Indian tax payers will most likely have to fill.The scam clearly shows that supervisory process at public sector banks failed to detect the fraud and, hence, it needs to be improved.
    CBI, IT and Enforcement directorate are kept busy targeting opposition candidates for submission. While PM Modi's government facilitates 'looters' with public money in safe havens.
    Jai Hind

    DisAgree Agree Reply Report Abuse

  • Vincent Rodrigues, Bengaluru/Katapadi

    Fri, Feb 23 2018

    This is nothing in comparing to the fraud

    DisAgree Agree Reply Report Abuse


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Title: PNB fraud: ED freezes deposits, shares worth Rs 44cr of Nirav Modi group



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