Nirav Modi used Mumbai chawl to hide PNB scam papers

Diamantaires Nirav Modi and Mehul Choksi, prime accused in the country's biggest bank fraud, were using a chawl in Mumbai to hide documents related to the Rs 12,636-crore scam. "After questioning certain people, we raided a room in a chawl at Wadala, Mumbai, on Wednesday night, and recovered crucial documents in relation to LoUs," a senior CBI official told INDIA TODAY TV.

Modi and Choksi allegedly defrauded PNB through fraudulent LoUs and FLCs from 2011 to 2017 in connivance with bank officials. Sources added the chawl was not registered in the name of Nirav Modi Group or Geetanjali Group, but was used by them to hide documents now crucial to the investigation. In another development, the ED attached 41 immovable properties of Choksi and of companies controlled by him that have a market value of Rs 1,217.20 crore, under the Prevention of Money Laundering Act.

These properties include 15 flats and 17 office premises in Mumbai, one shopping mall in Kolkata, one farmhouse in Alibaug built on four acres of land and six parcels of land of a total area of 231 acres in Alibaug, Nasik, Nagpur, Panvel, and Villupuram (Tamil Nadu). One Hardware Park in the name of M/s Hyderabad Gems SEZ situated in Ranga Reddy district of Andhra Pradesh has also been attached. This property is spread over 170 acres and has market value of more than Rs 500 crore. Earlier, ED had recorded a money laundering case against Choksi and Modi under provisions of PMLA on the basis of an FIR registered by CBI.

In this case, 21 immovable properties of Modi and companies controlled by him with a market value of Rs 523.72 crore had already been attached by ED on February 24, under PMLA. In the course of investigation, 198 searches have been conducted all over India, leading to seizure of gold, diamond, platinum, silver, precious-semi precious stones, jewellery and watches of stock value more than Rs 5,100 crore.