• Monday, August 15, 2022

Business

PNB Fraud: India’s ED Attaches Nirav Modi, Mehul Choksi’s Assets Worth £22.78 Million

Diamonds whose market value is estimated at Rs 187.60m, belonging to Firestar Group related to Modi, were also attached. (Photo: Aniruddha Chowdhury/Mint via Getty Images).

By: Radhakrishna N S

India’s federal law enforcement and economic intelligence agency, Enforcement Directorate (ED) said that it has attached properties worth Rs 2.18 billion (£22.78 million) in India and abroad belonging to fugitive celebrity jeweller Nirav Modi and his close relative Mehul Choksi. Both diamond merchants have moved out of India, and are accused of defrauding state-owned country’s Punjab National Bank (PNB) of Rs 135bn. According to an official from ED, a villa of worth Rs 270m owned by Choksi in a foreign location has been attached. A property at India’s southern city, Hyderabad worth Rs 1.2bn owned by AP Gems and Jewellery…

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