New Delhi: The Enforcement Directorate (ED) that seized over 10,000 imported watches from the 60 plastic containers from Nirav Modi’s Home. The searches carried out in the last few days in connection with an ongoing probe in the Rs. 11,300 crore Punjab National Bank fraud case.
According to an investigation, “Nirav Modi used to deal in designer jewellery, the watches too have been imported for the designer watch collection,” However, the purpose of imported watches would be clear after some time as it might have been imported for gifting purpose also.
The ED also seized 176 steel almirahs and 158 boxes linked to Modi over the last week, the imported watches and other items, the financial probe agency has also frozen diamond trader’s bank account and shares worth Rs. 43 crore. The bank account which was seized by the ED had a balance of Rs. 30 crore, while the shares were valued at Rs. 13.86 crore.
The agency has frozen Mutual funds and shares worth Rs. 7.80 crore of Nirav Modi and Rs.86.72 crore belonging to his uncle Mehul Choksi of the Gitanjali Group.