As many as nine luxury cars have been seized by Enforcement Directorate (ED) belonging to Nirav Modi and his companies, in connecting with the Punjab National Bank fraud case. The cars include the likes of Rolls Royce Ghost, Porsche Panamera, two Mercedes-Benz GL-Class SUVs, three other popular Honda cars and one of each Toyota Fortuner and Toyota Innova. Diamond jeweller group Nirav Modi and Geetanjali Jewellers owned by Mehul Choksi Group alleged fraud at the Punjab National Bank by laundering over Rs 11,400 crore.
Mutual funds and shares worth Rs 7.80 Crore of Nirav Modi and Rs 86.72 crore of those belonging to Mehul Choksi Group were also frozen by the agency. Reports also suggest that Nirav Modi himself was a big auto-enthusiast and owns many more cars and SUVs including Bentley Continental GT. In the meanwhile, Nirav Modi's lawyer alleged that the Punjab National Bank (PNB) has termed commercial transactions as a fraud.
The cars and SUVs seized by ED also have fancy number plates indicating extra money spend to get them. Nirav Modi has also been a popular Page 3 person and was associated with many Indian and foreign celebrities. Priyanka Chopra, Lisa Haydon and Siddharth Malhotra have been seen featuring on Nirav Modi's advertisements.
Earlier this week, Income Tax department attached Rs. 145.74 crore found in several bank accounts belonging Nirav Modi. PNB had lodged two financial fraud complaints of Rs. 11400 crore and Rs 280 crore against Nirav Modi, his family members and Mehul Choksi, owner of Gitanjali Gems.
The Punjab National Bank detected a 1.77 billion dollar scam was detected earlier in January and dates back to 2011. Till date, the IT department has attached a total of 141 bank accounts / Fixed Deposits of the group.