PNB fraud: ED freezes deposits, shares worth Rs 44cr of Nirav Modi group

PNB fraud: ED freezes deposits, shares worth Rs 44cr of Nirav Modi group

PNB fraud: ED freezes deposits, shares worth Rs 44cr of Nirav Modi group

The Enforcement Directorate (ED) on Friday has frozen bank deposits and shares worth about Rs 43.86 crore  belonging to the Nirav Modi group and seized a huge collection of imported watches from locations linked to the diamantaire.

Meanwhile, actor Priyanka Chopra, who has featured in advertisement campaigns for Nirav, terminated her contract with the brand in the wake of the PNB scam.

During the searches in the last one week, the agency has also seized 176 steel almirahs, 158 boxes and 60 other containers at multiple locations linked to Nirav, who is accused of a Rs 11,394.02 crore bank fraud.

Sources said the freeze orders are on bank accounts containing Rs 30 crore and shares worth Rs 13.86 crore under relevant sections of the Prevention of Money Laundering Act.

On Thursday, the ED had seized deposits, shares and luxury cars worth over Rs 100 crore belonging  to the diamantaire and his group.

The officials said they had also seized diamonds, gold and jewellery worth over Rs 5,700 crore.

Besides this, the Income Tax Department has attached a Rs 1,200-crore property of the Gitanjali group, belonging to Nirav's uncle Mehul Choksi, located in a Special Economic Zone (SEZ) in Hyderabad, in connection with its tax evasion probe.

The provisional attachment order was taken to "recover outstanding tax demands".

The valuation of the property at Rs 1,200 crore has been done by the assessee and the department has put up a notice on the property.

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