The Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) had seized assets of Nirav Modi; estimated value counts Rs. 25 crores from the Worli residence. The search conducted by the aftermath of the investigations into the multi-crore Punjab National Bank (PNB) fraud case. The seized assets contain; precious stones and jewelry worth crores from 251 properties.
“The search started on Thursday and went on till Saturday, and during this time, we have seized high-end and antique jewelry valued at ?15 crore, high-end watches worth ?1.4 crore, and paintings by renowned artists like M.F. Hussain, K.K. Hebbar and Amrita Sher-Gil worth about ?10 crore,” an ED officer said.
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“The available properties have been provisionally attached under provisions of the Prevention of Money Laundering Act (PMLA), which empowers investigating agencies to attach and liquidate assets of the accused to compensate victims for their losses. The total value of assets seized and attached so far comes to ?7,638 crore,” the officer said.
The CBI ordered Mr. Modi and his family members on January 31, as well as his maternal uncle Mehul Choksi, along with concerned officials of the PNB, in connection with the issuance of fraudulent Letters of Understanding (LoU) amounting to over ?12,000 crore.
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