ED seizes a fleet of luxury cars belonging to Nirav Modi

Along with cars, ED also froze mutual funds and shared worth Rs. 94.52 Cr

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The Enforcement Directorate (ED) seized a fleet of luxury cars including a Rolls Royce Ghost, two Mercedes Benz GL class, one Porsche Panamera, three high-end Honda cars and one Toyota Fortuner belonging to celebrity jewellery designer Nirav Modi and his group of companies on Thursday.

Along with seizing cars, the ED officials also froze mutual funds and shares worth Rs. 94.52 crore of the Nirav Modi and Mehul Choksi groups, as part of its investigation, under the money laundering act.

ED officials added that the mutual funds and shares worth Rs. 86.72 crore belonged to Choksi and his group and the rest were owned by the Nirav Modi group.

A day prior seizing cars, on Wednesday, several ED teams carried out a raid in Nirav Modi’s offices which are situated in four locations of Mumbai such as the Opera House, Peddar Road, Goregaon (East) and Powai.
The Income Tax department has also attached assets worth Rs. 145 Cr in the alleged Rs. 11,300 Punjab National Bank fraud case.

ED also seized paintings owned by Modi, including works of Francis Souza, Amrita Sher-Gil, V S Gaitonde, Akbar Padamsee, Bharti Kher and M F Husain. Investigating officers suspect that these paintings are also fake and in the same context, ED is verifying the truth.

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