Imported watches that were seized by the Enforcement Directorate (ED) along with 176 steel almirahs, 158 boxes and 60 other containers linked to diamond trader Nirav Modi. Photo: IANSMumbai/New Delhi: As the probe progresses into the Rs 11,300-crore Punjab National Bank fraud case, the Enforcement Directorate has frozen bank deposits and shares worth about Rs 44 crore of the Nirav Modi group, and seized a huge collection of imported watches of the billionaire diamantaire.
Officials said they had put freeze orders on bank accounts containing Rs 30 crore and shares worth Rs 13.86 crore of the group under the Prevention of Money Laundering Act (PMLA).
A huge collection of imported watches, 176 steel almirahs, 158 boxes and 60 other containers have been seized during the ED searches at multiple locations linked to the billionaire diamond jewelry designer over last week, they said.
Only Thursday, the agency seized deposits, shares and luxury cars worth over Rs 100 crore of the businessman and his group.
Modi, his uncle and Gitanjali Gems promoter Mehul Choksi and others are being investigated, after it recently came to light that they allegedly cheated the nationalized bank to the tune of Rs 11,400 crore.
The CBI and the ED have registered two FIRs each to probe the case. Both Modi and Choski are said to have left the country before criminal cases were lodged against them.
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