PNB fraud case LIVE Updates: Four of the nine cars seized by the ED on Thursday
The Enforcement Directorate on Thursday froze shares and mutual funds worth Rs 100 crore of millionaire diamond jeweller Nirav Modi and promoter of Gitanjali Group Mehul Choksi in connection with the Rs 11,400 crore Punjab National Bank fraud case. At least nine luxury cars, belonging to Modi, were also seized as part of the investigation under the Prevention of Money Laundering Act (PMLA).
The cars seized include a Rolls Royce Ghost, a Mercedes Benz, a Porsche Panamera, three Honda variants, a Toyota Fortuner and an Innova. READ MORE
Earlier on Wednesday, the Income Tax (IT) department attached Rs. 145.74 crore found in several bank accounts belonging to Modi. Till date, the IT department has attached a total of 141 bank accounts / Fixed Deposits of the group.
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Vipul Ambani, President Finance of Fire Star Group of Companies of Nirav Modi, was fully aware of fraudulent and illegal LoUs, which were issued by Gokulnath Shetty retired Dy. Manager of PNB, Brady House, Mumbai, in conspiracy and guidance of Nirav Modi and other employees, says CBI.
Ambani, in his aforesaid capacity as the President Finance, was also visiting, meeting not only officials of Brady House PNB Mumbai, but also the officials of PNB Circle, Zonal office at Mumbai and Head Office, New Delhi, the agency adds.
ANI
"On Feb. 5, we, on the basis of a preliminary investigation report, informed simultaneously to our board as well as to BSE and NSE of initial fraud case of Rs. 280.70 crores. Upon receiving further investigation report enhancing the fraud amount to Rs. 11394.02 crores FMR with RBI, FIR with CBI were filed on the evening of Feb. 13 and information with BSE and NSE on 14th February," ANI quotes PNB as saying in a statement.
"Agencies were assigned to probe matter, any news in public would've alerted fraudster affecting recovery. We've enough assets/capital to meet liability as per law. We've followed lawful avenues as per law to recover dues and awaiting written reply from Disciplinary Authority," the statement added.
Shares of Gitanjali Gems continue to face selling pressure for the seventh straight session today, falling 58.5 per cent in the past one week.
The stock tanked 4.92 per cent to Rs 26.10 -- its lowest trading permissible limit for the day -- on BSE today. On NSE, shares of the company lost 4.92 per cent to hit a low of Rs 26.05. In seven days, the stock has plunged 58.5 per cent, eroding Rs 435.41 crore from its market capitalisation.
PTI
The agency has also carried out searches at four firms in Mumbai. It is probing 120 companies on suspicion of being shell firms linked to Modi and Choksi, reports IANS.
The Enforcement Directorate also seized precious paintings owned by Nirav Modi which include works of Francis Souza, Amrita Sher-Gil, VS Gaitonde, Akbar Padamsee, Bharti Kher and MF Husain. The evaluation of these paintings is on.
The Enforcement Directorate today seized nine cars including Rolls Royce Ghost, Porsche Panamera, two Mercedes Benz, three Honda, one Toyota Fortuner and an Innova of Nirav Modi and his companies.
Yesterday, the CBI had sealed Nirav Modi’s Alibaug farmhouse. The bungalow, called Roapanya, is spread over 1.5 acres and has the market value of Rs 32 crore. It was reportedly bought in 2004 in his name.