PNB fraud: Nirav Modi, his uncle Mehul Choksi are being probed under various criminal laws
11 properties of diamond jeweller Nirav Modi and his firm in Dubai, worth Rs 56 crore, have been seized by the Enforcement Directorate in connection with the two billion dollar alleged fraud in the Punjab National Bank, news agency PTI has reported, quoting officials.
Late last month, the probe agency had attached Nirav Modi's valuables and jewellery worth Rs 255 crore in Hong Kong.
Nirav Modi has been on the run since the alleged bank fraud, by far the highest in the country in terms of value, came to light early this year and an Interpol arrest warrant has been notified against him even as India is working to get him extradited from the United Kingdom, where he was last reported to have been based.
The Enforcement Directorate has also filed a charge sheet against him alleging that he laundered and diverted over Rs. 6,400 crore of bank funds abroad to dummy companies that were under his and his families' control.
Nirav Modi, his uncle Mehul Choksi and others are being probed under various criminal laws after the fraud came to light this year following a complaint by the Punjab National Bank that they allegedly cheated the nationalised bank to the tune of over Rs. 13,000 crore, with the purported involvement of a few employees of the bank.
With inputs from PTI