Nirav Modi PNB, Fraud Case

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The total attachments in connection with the Punjab National Bank fraud involving Mr. Nirav Modi and his uncle Mehul Choksi now stand at ₹4,744 crore. Mean while, the Enforcement Directorate (ED) has provisionally attached valuables worth about ₹255 crore in Hong Kong as part of the alleged proceeds of crime in the Nirav Modi case.

Similarly, the ED attached a flat abroad valued close to ₹51 crore. Its beneficial owner is fugitive diamond merchant Nirav Modi’s close confidant Mihir Bhansali. About 90% of a building spread over 2.10 lakh square feet on 2.05 acre land in Hyderabad’s Shaikpet village, belonging to A.P. Gems and Jewellery Park, has also been attached.

Besides that, another flat worth ₹1.70 crore in Mumbai’s TrumpTower, in the name of Mr. Choksi’s daughter, has been attached. A villa located overseas, owned by Mr. Choksi, has also been attached and diamonds worth ₹18.76 crore of Firestar Group seized.

“The valuables were exported via 26 shipments by Dubai-based companies of Mr. Nirav Modi to the Hong Kong firms controlled by him. They were sent after registration of a criminal case against him,” said an official.

Based on the FIRs lodged by the Central Bureau of Investigation, the Directorate had registered a money-laundering case against Mr. Nirav Modi and others on February 15. It is alleged that Mr. Nirav Modi and others have committed the offence of cheating against the Punjab National Bank (PNB) in connivance with certain bank officials by fraudulently getting Letters of Undertaking issued without following prescribed procedure.

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