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The Enforcement Directorate today froze mutual funds and shares worth about 94.5 Crore rupees of Nirav Modi and Mehul Choksi Group in connection with alleged fraud at Punjab National Bank.Officials of the agency said frozen mutual funds and shares worth 86.72 crore rupees belong to Choksi and his group, and the rest are owned by the Nirav Modi group. The ED also seized nine high luxury cars belonging to Nirav Modi and his companies.
The CBI today raided Nirav Modi’s farmhouse in Alibag near Mumbai. Last evening, a special court remanded Vipul Ambani, the president of finance of Nirav Modi’s Fire Star Diamond, and five others in CBI custody till 5th March in connection with the Scam.
Nirav Modi, Mehul Choksi and others are being investigated by multiple probe agencies after a recent complaint by the PNB, that they allegedly cheated the bank to the tune of 11,400 crore rupees.
