PNB Fraud: Enforcement Directorate Summons Nirav Modi, Choksi Under Anti-Money Laundering Law
The Enforcement Directorate today issued summons to diamond merchant Nirav Modi and his business partner Mehul Choksi in connection with money laundering probe in the Rs 11,400-crore alleged fraud in Punjab National Bank, officials said.
They said both Modi and Choksi were summoned under the Prevention of Money Laundering Act and asked to depose within a week's time. The notices were handed over to the directors of the firms of the two businessmen as they were not in the country.
While Modi runs the jewellery brand chain under his name, Choksi is the promoter of Gitanjali Gems Ltd.
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The ED had registered a PMLA case against them and others based on a Central Bureau of Investigation FIR, which was the result of a PNB complaint.
The ED yesterday carried out multiple raids at showrooms, workshops, offices and residences of Modi and Choksi, and seized diamonds, jewellery and gold worth Rs 5,100 crore.
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The agency was probing if the allegedly defrauded bank funds were laundered and these proceeds of crime subsequently used by the accused to create illegal assets and black money.