The CBI and the ED have registered two FIRs each to probe the case.
The Enforcement Directorate (ED) on Thursday said it has frozen mutual funds and shares worth ₹7.80 crore belonging to the Nirav Modi group and ₹86.72 crore belonging to the Mehul Choksi group in connection with a money laundering probe against them in the ₹11,400-crore alleged fraud at Punjab National Bank (PNB).
The ED also seized nine high-end luxury cars — Rolls Royce Ghost, Mercedes Benz, Porsche Panamera, Toyota Fortuner, Toyota Innova, two Mercedes Benz variants and three Honda variants — belonging to Mr. Modi and his companies as part of its investigation against him under the criminal provisions of the Prevention of Money Laundering Act (PMLA).
Mr. Modi, Mr. Choksi and others are being investigated by multiple probe agencies after it recently came to light, following a complaint by PNB, that they allegedly cheated the nationalised bank to the tune of ₹11,400 crore, with the purported involvement of a few employees of the bank.
The CBI and the ED have registered two FIRs each to probe the case. Both Mr. Modi and Mr. Choski are said to have left the country before criminal cases were lodged against them.
News credit: thehindu