The enforcement directorate has frozen mutual funds and shares worth Rs 94.52 crore of the Nirav Modi and Mehul Choksi groups in connection with a money laundering probe against them in the Rs 11,400-crore alleged fraud at the Punjab National Bank (PNB).
ED seizes 9 cars including Rolls Royce Ghost, Porsche Panamera, 2 Mercedes Benz, 3 Honda, 1Toyota Fortuner & an Innova of Nirav Modi & his companies. Shares & Mutual Funds worth Rs 7.8 Cr of Nirav Modi & Rs 86.72 crore of Mehul Choksi group also frozen.
It also seized nine high-end luxury cars of Modi as part of its investigation against him under the criminal provisions of the Prevention of Money Laundering Act (PMLA).Officials of the agency said frozen mutual funds and shares worth Rs 86.72 crore belong to Choksi and his group, and the rest are owned by the Modi group. Choksi is Modi’s uncle and promoter of the Gitanjali Gems group and other jewellery brands.