PNB scam: ED attaches Nirav Modi's immovable assets worth Rs 523 crore | What we know so far

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PNB scam: ED attaches Nirav Modi's immovable assets worth Rs 523 crore | What we know so far

The ED attached six residential and ten office properties in Mumbai, two flats in Pune, a farmhouse in Alibaug, a solar power plant and a 135-acre land in Karjat- all properties of Nirav Modi and the companies controlled by the billionaire jeweller.

The Enforcement Directorate (ED) on Saturday provisionally attached 21 immovable assets of Nirav Modi and his companies with a market value of Rs 523.72 crore under the Prevention of Money Laundering Act (PMLA).

The ED attached six residential and ten office properties in Mumbai, two flats in Pune, a farmhouse in Alibaug, a solar power plant and a 135-acre land in Karjat- all properties of Nirav Modi and the companies controlled by the billionaire jeweller.

This comes a day after the ED froze shares of Nirav Modi and Mehul Choksi groups worth Rs 94 crore.

Out of the 94 crore, Nirav Modi's mutual funds and shares worth Rs 7.80 crore and Rs 86.72 crore belonging to Mehul Chokshi Group were seized on Friday by the enforcement agency.

The ED had also seized nine cars belonging to Nirav Modi and his companies that include a Rolls Royce Ghost, two Mercedes Benz models GL 350 CDI, one Porsche Panamera, 3 Honda cars, one Toyota Fortuner and one Toyota Innova.

LATEST UPDATES IN THE MULTI-CRORE-PNB SCAM:

  • Chairman and Managing Director of Gitanjali Gems Mehul Choksi expressed difficulty in clearing dues and paying salaries to his employees after the seizing of his various bank accounts and other properties by the government and the investigative agencies.
  • 1,000 employees of Punjab National Bank with over three years of service have been transferred all over India in the past 72 hours
  • On February 20, Nirav Modi's Firestar International firm's President Vipul Ambani, a relative of Mukesh Amabni, was arrested marking the first high-prfile arrest by the CBI.
  • According to the ED, over 120 shell companies were allegedly linked to Nirav Modi and Choksi, who along with their respective family members are said to have fled the country early January.
  • Those arrested in connection with Choksi's firms are Nakshatra group and Gitanjali group CFO Kapil Khandelwal and Gitanjali group manager Niten Shahi.