ED seizes 41 assets of Nirav Modi

ED seizes 41 assets of Nirav Modi

The quantum of the alleged fraud perpetrated in the bank by billionaire jewellers Modi and Choksi stands close to $2 billion after the teams of the CBI and PNB found fresh LoUs and LCs worth Rs 1,251 crore related to Choksi's Gitanjali group of companies.

The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have registered two FIRs each in this case.

Officials said of the attached properties in Mumbai, Prasad Chambers at Opera House was bought by the Choksi family in 1960s.

Indian authorities have seized 10,000 luxury watches and nine luxury cars on February 24, apart from freezing his personal shares and mutual funds.

CBI said the arrested auditor, M.K. Sharma, was "allegedly responsible for auditing the systems and practices" of Punjab National Bank's (PNB) Brady House branch in Mumbai and for reporting any problems to the zonal audit office.

The market value of the 41 properties attached by ED is Rs 1217.20 crore.

United States tourist arrested in Japan after severed head found in apartment
Reports indicate Bayraktar has refused to answer questions from investigators, but has denied the accusations against him. Traces of blood were found at the property, where a large amount of air freshener had also been used, Kyodo reported.

Choksi along with Modi have been accused of defrauding the PNB of Rs 12,600 crore, with Rs 1,300 crore being added to the fraud kitty on Monday night.

Synergies is in turn wholly owned by Firestar Holdings Ltd, a Hong Kong corporation itself wholly owned by Modi's company Firestar International Ltd, according to the court filing. The Enforcement Directorate has claimed to have attached properties worth Rs 6,000 crore. India's Finance Ministry on Tuesday set a 15-day deadline for state banks to take action to improve their oversight of operational and technological risks.

On Thursday the ministry said the public sector banks would consolidate 35 overseas operations, with another 69 being considered for consolidation.

Government officials have named jeweler Nirav Modi as a leading suspect in the fraud.

"PSBs to consolidate 35 overseas operations without affecting global presence of PSBs in these countries", finance ministry official Rajeev Kumar said in a Twitter message, using an acronym for public-sector banks.

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