PNB fraud: PeeCee terminates her contract with Nirav Modi

In the wake of the Punjab National Bank (PNB) scam surrounding luxury jeweller Nirav Modi, Priyanka Chopra on Friday terminated her contract with his brand.

"In light of recent allegations, Priyanka Chopra has chosen to terminate her contract with the Nirav Modi brand," the 35-year-old actress'spokesperson Natasha Pal said.

Refuting the reports of her suing Nirav Modi, the'Quantico' star's spokesperson had earlier clarified that she was seeking a legal opinion with respect to terminating her contract with the brand.

Earlier, the PNB had lodged two financial fraud complaints of Rs 11400 crore and Rs 280 crore against Nirav Modi, his wife Ami, brother Nishal and relative Mehul Choksi, owner of Gitanjali Gems. Following which, the Enforcement Directorate (ED) had filed a money laundering case against them.

After the case was registered, the ED and the Central Bureau of Investigation (CBI) swung into action.

Continuing the raids, the ED on Friday froze Modi's bank accounts with a total balance of Rs 30 crore and shares worth Rs 13.86 crore.

Moreover, the ED raided various properties belonging to Modi and Choksi.

Several raids were also conducted in several locations in various cities across the country.

The scam was started in 2011 and was detected in the third week of January this year, after which the PNB officials filed a complaint with the CBI on January 31.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)