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So how much has ED seized from Modi and Choksi?

March 01, 2018 18:26 IST

So what is the value of the properties that have been seized by the Enforcement Directorate from jewellers Nirav Modi and Mehul Choksi in the wake of the Rs 11,400 crore fraud on Punjab National Bank? 

The ED has been tweeting various amounts as the value of seizures of various properties belonging to jewellers Modi and his uncle Choksi, since the middle of February. 

A quick computation puts the following value to the seizures. 

 

Mehul Choksi 

This one is easy. The Enforcement Directorate’s latest tweet says it has so far seized 41 properties belonging to the proprietor of Gitanjali Gems, and put a market value of Rs 1217.20 crores on them. 

The list of properties seized include: 

  • 15 flats in Mumbai;
  • 17 office premises in Mumbai;
  • An office in the special economic zone, Hyderabad;
  • One shopping mall in Kolkata;
  • A farmhouse in Alibaug;
  • 231 acres of land in Maharashtra and Tamil Nadu.

Earlier, the ED had tweeted that it had frozen shares and mutual funds worth Rs 86.72 crores belonging to the Mehul Choksi group. 

That makes the total value of seizures from Choksi as Rs 1303.92 crores.  

Nirav Modi 

Choksi’s nephew’s assets are a bit more complicated. 

On February 17, ED tweeted that it ‘conducted further searches at 21 locations across India in Nirav Modi case & seized diamonds, gold, precious stones/ metals & jewellery worth Rs 25 crore (Book Value)’. 

It also proclaimed: ‘Total seizure till now is Rs 5674 crore.’ 

Subsequently, it attached 21 immoveable properties worth Rs 523.72 crore, which include: 

  • A farmhouse in Alibaug with solar power plant;
  • 135 acres land in Ahmednagar;
  • Residential and office properties in Mumbai and Pune;
  • Rs 30 crores in bank accounts (the I-T department said the value of these 4 properties came to Rs 70 crores);
  • Shares worth Rs 13.86 crores;
  • Innumerable imported watches stacked in 176 steel almirahs. 

The ED also seized nine high-end cars including one Rolls Royce Ghost, one Porsche, two Mercedes Benzes, three Hondas, one Toyota Fortuner and an Innova. It however did not put a value on these vehicles. 

Prior to that, ED mentioned freezing shares and mutual funds worth Rs 7.8 crores belonging to Nirav Modi. 

That makes it a total of Rs 6275.52 crores seized/frozen from Nirav Modi.

Photographs: Courtesy, Geetanjali Gems and Nirav Modi's Facebook pages.

Syed Firdaus Ashraf / Rediff.com in Mumbai