PNB fraud: Value of seized valuables to be determined

Mumbai: Enforcement Directorate (ED) officials will evaluate the actual value of diamonds and other valuables seized in connection with the Nirav Modi fraud case. ED officials have stated that the seizured goods could be worth more than Rs 5,700 crore. 

However, clarity over the actual amount will come after the evaluation of the seized items is completed. A panel is conducting the evaluation currently. The amount is likely to slide as the market rate of the seized items is likely to be less than the consideration (book) value. “The book value has been documented by them. We will have to ascertain if it is the same as the market value,” said an ED officer.

The ED has attached assets to the tune of over Rs 5,600 crore in over 40 raids across India during the course of the investigation. The process of evaluation of the seized property, including diamonds, ornaments and other jewels, is underway with the help of valuers, ED officials said. 

The market value of all the 21 immovable properties, high-end wrist watches, luxury cars and paintings is also being ascertained. “The depreciation value has not been ascertained yet and upon establishing it the real market value of the seized items will be taken on record,” added the ED officer.

In a bid to take the probe ahead into the money trail, the ED will soon seek custody of the tainted Punjab National Bank officials arrested by the Central Bureau of Investigation. They include former deputy manager of Brady House branch Gokulnath Shetty, single window operator Manoj Kharat, Becchu Tiwari, chief manager, forex department, Praful Sawant, a scale-I officer of export and Yashwant Joshi, a scale-II manager of the forex department.