PNB case: ED seizure goes up to Rs 5,649cr; Nirav Modi summoned

February 16, 2018 21:48

The ED today summoned diamantaire Nirav Modi and his business partner and jewellery chain promoter Mehul Choksi in connection with its money laundering probe in the Rs 11,400-crore alleged fraud at Punjab National Bank, even as it seized diamonds and jewels worth Rs 549 crore in fresh raids, officials said.

The agency expanded its probe from 17 to 35 locations across various cities, as it asked Modi's designer jewellery chain headquarters in Mumbai to issue a sales embargo for its overseas stores in Macau, Beijing, New York and London, pending investigation.

With today's action, the total seizure of diamonds, gold and jewellery in this case has gone up to Rs 5,649 crore.

The agency had said it arrived at this figure based on the stock value at showrooms and stores, which is also the price at which the company purchased the goods.

"The ED conducted further searches at 35 locations across India in Nirav Modi case and seized diamonds, gold and jewellery worth Rs 549 crore (book value). Total seizure till now is Rs 5,649 crore," the Enforcement Directorate said in a statement.

The raids that began yesterday are expected to continue tomorrow, they said.

They added that both Modi and Choksi have been summoned under the Prevention of Money Laundering Act (PMLA) and asked to depose before the investigating officer of the case here on February 23.

These notices, they said, were handed over to the directors of the firms of the two businessmen as the two were not in the country. While Modi runs the jewellery brand chain under his name, Choksi is the promoter of Gitanjali Gems.

The ED had also moved the external affairs ministry to revoke their passports, following which the MEA suspended it temporarily today. -- PTI

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