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PNB Scam: ED seizes jewellery, watches and paintings worth ₹26 crore from Nirav Modi’s Worli house

The raid was conducted in order to recover the alleged ₹12,000 fraud by Nirav Modi and his uncle, Mehul Choksi at Punjab National Bank.

PNB Scam: ED seizes jewellery, watches and paintings worth ₹26 crore from Nirav Modi’s Worli house
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A recent confiscation of antique jewellery, branded watches, and paintings of Amrita Sher-Gil and MF Hussain valued ₹26 crores have been made by the ED from Nirav Modi's Mumbai apartment. The seizure was done with regard to Nirav Modi’s connection to the ₹12,000 crore PNB fraud case.

Officials said the Enforcement Directorate alongside CBI conducted fresh searches on March 22 at Modi’s Samudra Mahal residential apartments in the Worli area resulting in the discovery of the valuables.

Also Read: ED Seizes A Fleet Of Luxury Cars Belonging To Nirav Modi

The antique jewellery worth ₹15 crores, branded watches worth ₹1.4 crore and paintings of renowned artists like MF Hussain, Amrita Sher-Gil and KK Hebbar of around ₹10 crores have been seized within the last three days under the Prevention of Money Laundering Act (PMLA), the officials said.

As per the officials, a single ring in the seized jewellery was worth ₹10 crores.

CBI has filed two money laundering FIRs against Nirav Modi and his uncle, Mehul Choksi who is also the promoter of Gitanjali Gems to investigate the ₹12,000 crore fraud at Punjab National Bank (PNB).

The Directorate of Enforcement has also reported the Interpol for a global arrest warrant against Modi and Choksi as both of them have left India earlier this year and despite the summonses issued against them, they have not appeared before the agency.

Non-bailable warrants have been issued against them by a Mumbai special court on the request of the ED. A total of 251 country-wide searches have been conducted since the case began against the accused in February.

Till now, the total confiscation of diamond, gold, precious, semi-precious stones and other movable and immovable assets in the case stand at ₹7,664 crore.

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