PNB fraud: ED freezes Nirav Modi’s bank account with Rs 30 crore balance


New Delhi: The Enforcement Directorate (ED), probing the role of diamond merchant Nirav Modi and his uncle Mehul Choksi, the promoter of Gitanjali Gems, in the Rs 11,400-crore alleged fraud at the Punjab National Bank (PNB), on Friday froze bank accounts with Rs 30 crore balance, shares of Rs 13.86 crore value held in Modi’s company.

During search on tip off , ED seized 176 steel almirahs and 60 plastic containers containing imported watches.

ED officials on Thursday froze mutual funds and shares worth Rs 86.72 crore belonging to Choksi and his group and Rs 7.80 crore owned by the Modi group. The ED also seized 9 car brands that include a Rolls Royce ‘Ghost’, a Mercedes Benz, a Porsche Panamera, three Honda models, a Toyota Fortuner and an Innova.

While the total value of these shares and mutual funds was Rs 94.52 crore, the costly four-wheelers are worth a few crores.