Mumbai: The Enforcement Directorate (ED) has seized valuables worth over Rs 36 crore of absconding diamantaire Nirav Modi over a three day long search/raid, that was conducted from Thursday to Saturday at his palatial home, Samudra Mahal, in Mumbai. The items seized include jewellery, watches and paintings. The raids were conducted and items were seized in connection with an ongoing probe into the Rs 12,600 crore Punjab National Bank (PNB) fraud case.
According to the ED officials, a diamond ring worth Rs 10 crore, antique jewellery worth Rs 15 crore, high-end watches valued at Rs 1.40 crore, and paintings valued at Rs 10 crore — including the works of top artists including M.F. Husain, K.K. Hebbar and Amrita Sher-Gil — were seized under the Prevention of Money Laundering Act (PMLA).
An official added, “During the course of the investigation, which began in February this year, a total of 251 searches were conducted all over India. It led to seizure of diamonds, gold, precious, semi-precious stones and pearls. Attachments of immovable properties belonging to the Nirav Modi Group and Mehul Choksi Group have been provisionally attached.”
The central probe agency has filed two money laundering FIRs against Modi and his uncle Choksi, the Gitanjali Gems promoter, to probe the PNB fraud. The ED has also notified the Interpol about a global arrest warrant against the two as they had left India early this year and have not appeared before the agency after summonses were issued to them.
The total seizure and attachment figure of diamonds, gold, precious and semi-precious stones, among other movable and immovable assets, in the case stands at Rs 7,638 crore.
