PNB Fraud: ED’s Seizure Value Rises To Rs 5,674 Crore

Raids by the Enforcement Directorate in connection with its money laundering probe against billionaire jeweller Nirav Modi and others in the alleged Rs 11,400-crore bank fraud continued for the third day today with the agency seizing an additional Rs 25 crore worth diamonds and jewellery.

“The ED conducted further searches at 21 locations across India in Nirav Modi case and seized diamonds, gold, precious stones/metals and jewellery worth Rs 25 crore (book value). The total seizure till now is Rs 5,674 crore,” it said in a statement.

The agency had earlier said it had arrived at the value of the assets seized based on the stock value at showrooms and stores, which was also the price at which the company purchased the goods. It was also conducting an “independent valuation” of these assets.

The Enforcement Directorate had yesterday summoned Nirav Modi and his business partner and jewellery chain promoter Mehul Choksi in this case. They have been asked to appear before the Investigating Officer of the case at the ED office in Mumbai on February 23. According to the Central Bureau of Investigation, Nirav Modi and Choksi left the country in January, before an FIR was registered in the Punjab National Bank fraud case.

The raids that began on February 15 are expected to continue tomorrow, ED officials said. ED sleuths are also in touch with a former government-nominated director of a state-owned bank, who was a reported whistleblower in this case, as part of its investigation, they said.

The agency also filed a fresh money laundering case yesterday, taking cognisance of a new CBI FIR against Choksi and his companies.