Look out circular issued to over 10 executives of firms of Nirav Modi, Mehul Choksi


New Delhi, Feb 26: A look-out circular has been issued on Monday to more than 10 executives of firms of diamantaire Nirav Modi and his business associate Mehul Choksi in connection with alleged Rs 11,400 crore Punjab National Bank (PNB) fraud.

The Enforcement Directorate on Friday froze bank accounts with Rs 30 crore balance and shares worth 13.86 crore belonging to diamantaire Nirav Modi as part of the money laundering probe against him.

Acting on a tip-off, the probe agency also recovered 176 steel almirahs and 60 plastic containers containing imported watches and cars.

Prior to this on last Wednesday, the Income Tax (IT) department attached Rs. 145.74 crore found in several bank accounts belonging to diamantaire Nirav Modi.

So far, the IT department has attached a total of 141 bank accounts / Fixed Deposits of the group.

PNB detected the scam on February 14, wherein celebrity jewelry designer Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.

The state-owned lender registered two financial fraud complaints of Rs. 11400 crore and Rs 280 crore against Nirav Modi, his family members and Mehul Choksi, owner of Gitanjali Gems.


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