Frozen mutual funds and shares worth Rs94.52 crore of the Nirav Modi also of MehalChoksi on 22-Feb-2018 said by ED. Because of money laundering case of rs 11400cr alleged fraud at the Punjab National Bank (PNB).
Also Read – How money misplaced from one account – PNB FRAUD
And according to the Prevention of Money Laundering Act (PMLA) criminalprovisions, ED also seized nine luxury cars of Nirav Modi. Rs86.72 crore mutual funds and shares are frozen whichbelong to Choksi and his group and the remaining is Modi group.
Including a Rolls Royce Ghost, a Mercedes Benz, a Porsche Panamera, three Honda variants, a Toyota Fortuner and an Innova. All these nine luxury cars belong to Nirav Modi are seized by ED
Choksi, Modi and others are interrogated by official agencies after PNB fraud case comes into light that they allegedly cheated the nationalised bank to the tune of Rs11,400 crore, with the purported involvement of a few employees of the bank.
Modi and Choksi both leave the country before the case comes to light and both CBI and ED have filled FIR’s to probe the case. This is one of the biggest cases of such fraud in India the amount is nearly rs 11400cr.