News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

This article was first published 6 years ago  » Business » Ring worth Rs 10 cr, watch valued at Rs 1.4 cr: Raid on Nirav Modi's house

Ring worth Rs 10 cr, watch valued at Rs 1.4 cr: Raid on Nirav Modi's house

Source: PTI
March 24, 2018 12:35 IST
Get Rediff News in your Inbox:

A fresh seizure of antique jewellery, costly watches and paintings of Amrita Sher-Gil and M F Hussain worth Rs 26 crore has been made by the Enforcement Directorate from the sea-facing Mumbai apartment of diamantaire Nirav Modi in connection with the over Rs 12,000 crore Punjab National Bank fraud case.

IMAGE: A diamond ring worth Rs 10 crore was found during the raid on Nirav Modi's south Mumbai Worli house. Photograph: ANI/Twitter

Officials said the Enforcement Directorate along with the Central Bureau of Investigation launched fresh searches on March 22 at the Samudra Mahal luxury residential flats of Modi in Mumbai’s Worli area which resulted in the recovery of fresh valuables.

Antique jewellery worth Rs 15 crore, costly watches valued at Rs 1.4 crore and paintings of acclaimed artists like Amrita Sher-Gil, M F Hussain and K K Hebbar valued at Rs 10 crore have been seized over the last three days under the Prevention of Money Laundering Act, they said.


A lone diamond ring in this cache is valued at Rs 10 crore, they added.

The central probe agency has filed two money laundering FIRs against Nirav Modi and his uncle and Gitanjali Gems promoter Mehul Choksi to probe the alleged over Rs 1,200 crore fraud in the Punjab National Bank.

IMAGE: Jewellery worth Rs 26 crore, including a watch was uncovered during the raid. 
Photograph: ANI/Twitter

The ED has also notified the Interpol for a global arrest warrant against the two as they have left India early this year and have not appeared before the agency after summonses were issued to them.

A Mumbai special court has issued non-bailable warrants against them on the request of the ED.

IMAGE: A painting by Amrita Sher-Gil was also found during the raid. Photograph: ANI/Twitter

It has conducted a total of 251 country-wide searches in this case after it began the criminal probe against the accused in February.

The total seizure and attachment of diamond, gold, precious and semi-precious stones and other movable and immovable assets in the case stand at Rs 7,638 crore.

Get Rediff News in your Inbox:
Source: PTI© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.

Moneywiz Live!