Published: Tue, March 06, 2018
Medical | By Marta Holmes

Nirav Modi's firm moves court against seizure of property by ED

Nirav Modi's firm moves court against seizure of property by ED

To date, the Enforcement Directorate (ED) has carried out searches at over 198 locations across the country and seized properties worth almost Rs 6,000 crore, while the CBI has arrested at least 19 persons in the case so far.

Nirav Modi's firm, Firestar Diamond, on Tuesday moved the Delhi high court against a money laundering case lodged by the Enforcement Directorate in connection with the over Rs11,000 crore Punjab National Bank (PNB) fraud case.

The special Judge Sardar Tamboli, presiding over the special CBI court extended the police custody of Ambani and five others till March 19.

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The CBI had filed the first FIR in the scam on February 14 against Nirav Modi, his wife Ami, brother Nishal, uncle Choksi and his firms Diamond R US, Solar Exports and Stellar Diamond.

This had been going on since 2010, the lawyer said, while seeking remand of four accused including Aniyath Shiv Raman Nair, Director of Gitanjali Group of Companies of Choksi.

It is alleged that Choksi and Modi got LoUs and FLCs of Rs 12,636 crore issued in favour of foreign branches of Indian banks based on fraudulent claims.

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The CBI has to date arrested 18 persons in the case so far.

The CBI grilled a general manager, SK Chand, who handles the treasury section of PNB, on Monday to find out how the fraud was carried out by the accused and why the bank officials could not smell the ill-doings even after there have been layers of security check.

"They have been summoned for giving the loan facility to Gitanjali Group".

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It is alleged that firms colluded with officials at a city branch of state-run PNB to clear letters of undertakings without proper diligence, resulting in the scam. While Mankikar's lawyer said that she suffered from diabetes, Ambani's lawyer said he suffered from stomach pain and back pain. "We would like to question both of them", the SFIO later said in a statement.

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