PNB fraud: Nirav Modi's Rolls Royce, Porsche seized; top 10 developments

Nirav Modi's luxury cars, including a Rolls Royce Ghost, a Mercedes Benz, and a Porsche Panamera, have been seized by the Enforcement Directorate (ED) in connection with the Rs 114-billion Punjab National Bank (PNB) fraud case. Further, assets worth almost Rs 1 billion belonging to Modi and Choksi have been frozen by the probe agency.

The ED is also probing 120 shell companies allegedly linked to Nirav Modi and Mehul Choksi. Further, the IT department has attached Rs 1.45 billion belonging to Nirav Modi.

Here are the top 10 developments in the banking scam that has gripped the country's financial sector:
1) ED seizes Nirav Modi's Rolls Royce Ghost and other luxury cars: The Enforcement Directorate (ED) on Thursday said it had frozen mutual funds and shares worth Rs 945.2 million (Rs 94.52 crore) of the Nirav Modi and Mehul Choksi groups in connection with the money laundering probe against them in the Rs 114-billion (Rs 11,400-crore) alleged PNB fraud at PNB.
It also seized nine high-end luxury cars of Modi as part of its investigation against him under the criminal provisions of the Prevention of Money Laundering Act (PMLA).