PNB Scam: Bank Accounts and Shares of Nirav Modi Seized by ED

The latest news regarding the Punjab National Scam fraud worth Rs.11, 400 crore is here. Enforcement Directorate has seized Nirav Modi’s bank accounts and shares, which is worth Rs. 43 crore. Not only this, the ED has also seized a large number of imported watches collections, which was bought from several locations.

Nirav Modi, who is being alleged for over Rs. 11,300 crore frauds in Punjab National Bank alongside his uncle Mehul Choksi of the Gitanjali Group, told the Enforcement Directorate (ED) that he couldn’t show up before it as his passport has been suspended.

Nirav Modi

Punjab National Bank (PNB) on Thursday asked Nirav Modi to think of a solid and implementable plan for settling the loss caused to it by the fake issuance of Letter of Undertakings. Another perception that became known on Thursday is that the act of wrongfully issuing LoUs to support Nirav Modi and Mehul Choksi bunches began in 2008, precisely 10 years prior, and proceeded till these were found in January this year, as indicated by CBI authorities, announced IANS. The unlawful exercises bringing about the misrepresentation of Rs. 11,400 crore happened under the nose of top officials of Punjab National Bank authorities yet they claim of not knowing anything about the scam. Let’s look into the highlights of the PNB scam caused by Nirav Modi.

  • ED has already frozen Nirav Modi’s bank account and shares which are worth Rs.43 crore in regards to the PNB scam.
  • Nirav Modi informed the ED officials through email that he could not show up as his passport has been temporarily suspended.
  • Nirav Modi was asked by the Punjab National Bank to come up with a plan to make up the loss which was caused to the bank by the scam.
  • Five PNB officials have been arrested so far in the PNB scam case. All the arrested officials are undergoing interrogation by CBI and further investigation is going on.
  • The ED on Thursday said it has seized the mutual funds and shares worth Rs. 94.52 crore of the Nirav Modi and Mehul Choksi groups. It likewise seized nine top of the line luxury cars of Modi as a feature of its investigation against him under the criminal provisions of the Prevention of Money Laundering Act (PMLA). These incorporate a Rolls Royce Ghost, a Mercedes Benz, a Porsche Panamera, three Honda variations, a Toyota Fortuner and an Innova. Authorities of the organization said frozen mutual funds and shares worth Rs. 86.72 crore have a place with Choksi and his group, and the rest are possessed by the Modi group.

Wait for more updates on the PNB Scam case.