Nirav Modi property &Brand showroom & 9 Luxury Cars Seized, Rolls Royce, Porsche Among Them
By Abhishek
The Enforcement Directorate on Thursday, seized a fleet of nine luxury cars including a Rolls Royce Ghost, two Mercedes Benz GL class and a Porsche Panamera belonging to Nirav Modi
Nirav Modi's 9 Luxury Cars Seized, Rolls Royce, Porsche Among Them
The Enforcement Directorate on Thursday, seized a fleet of nine luxury cars including a Rolls Royce Ghost, two Mercedes Benz GL class and a Porsche Panamera belonging to Nirav Modi and Mehul ChoksiA fleet of 9 luxury cars belonging to Nirav Modi and Mehul Choksi seized by ED
Story Highlights
- • Nirav Modi and Choksi groups' mutual funds and shares were also frozen
- • ED teams raided shell firms linked to the accused in 4 Mumbai locations
- • Value of gems and gold jewellery seized by ED stands at Rs. 5,736 crore
- $1.8 B
- Diamond jewellery designer Nirav Modi was accused in February by state-owned Punjab National Bank of perpetrating a $1.8 billion fraud.
- Modi reportedly left India in January; India's Central Bureau of Investigation is asking Interpol to help locate him.
- Modi reportedly said his companies owed much less and denied the fraud charges.
- Modi is the founder of Firestar Diamond, which claimed to have more than $2 billion in sales.
- He later launched his own Nirav Modi Brand with 14 stores in such locations as Mumbai, Hong Kong, London, Macau and New York.
New Delhi: A fleet of luxury cars including a Rolls Royce Ghost, two Mercedes Benz GL class, one Porsche Panamera, three high end Honda cars and one Toyota Fortuner belonging to Nirav Modi and his group of companies have been seized by the Enforcement Directorate (ED) on Thursday.
Officers of the ED said it has also frozen mutual funds and shares worth Rs 94.52 crore of the Nirav Modi and Mehul Choksi groups, as part of its investigation, under the money laundering act. Mutual funds and shares worth Rs 86.72 crore belong to Choksi and his group and the rest are owned by the Nirav Modi group, said ED officers.
Nirav Modi plan if
Indian Bank
NEW DELHI: Punjab National Bank (P okNB) on Thursday asked fugitive diamantaire Nirav Modi if he had a “concrete and implementable plan” to clear dues, even as it emerged that before the alleged fraud came to light, the Delhi-headquartered lender had begun talks for repayment of an “outstanding” of Rs 30-40 crore by the high-profile businessman.
Responding to Modi’s earlier letter, where he had virtually ruled out any repayment, PNB said, “Your commitment and undertaking for sparing of the total liability was not backed by providing upfront amounts and timelines. However, should you have any concrete and implementable plan, do revert back.”
Responding to Modi’s earlier letter, where he had virtually ruled out any repayment, PNB said, “Your commitment and undertaking for sparing of the total liability was not backed by providing upfront amounts and timelines. However, should you have any concrete and implementable plan, do revert back.”
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