India's Enforcement Directorate (ED) has seized billionaire jeweller Nirav Modi's cars in the Rs 11,400-crore financial fraud at the Punjab National Bank.
The state-owned financial investigation agency on Wednesday said it has seized nine cars including Rolls Royce Ghost, Porsche Panamera, two Mercedes Benz vehicles, three Hondas, one Toyota Fortuner and an Innova of Nirav Modi and his companies.
ED seizes 9 cars including Rolls Royce Ghost, Porsche Panamera, 2 Mercedes Benz, 3 Honda, 1Toyota Fortuner & an Innova of Nirav Modi & his companies. Shares & Mutual Funds worth Rs 7.8 Cr of Nirav Modi & Rs 86.72 crore of Mehul Choksi group also frozen. pic.twitter.com/lolYF8CgB9
— ED (@dir_ed) February 22, 2018
Indian-born diamond jewellery designer Nirav Modi is at the centre of the Punjab National Bank scam and three other big jewellers - Gitanjali Gems, Ginni and Nakshatra - are also under the scanner of various investigative agencies after the state-owned lender "detected some fraudulent and unauthorized transactions" at a branch in Mumbai.
The total seizure in the case now stands at Rs 5,826 crore, according to ED officials.
The Income Tax department attached property worth Rs 1,200 crore of the Gitanjali Group located in the Special Economic Zone in Hyderabad, newswire PTI reported.
Following the PNB scam, the external affairs ministry had suspended the passports of Nirav Modi and Gitanjali promoter Mehul Choksi for four weeks.
Modi, who escaped India last month, has been summoned to appear before the investigating agency on February 26, PTI reported.
