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).

PNB scam: Govt opposes PIL for Nirav Modi extradition; top 10 developments

The matter of absconding businessman Nirav Modi's possible extradition and a probe into the role of the bank's top management in the Rs 114-billion Punjab National Bank (PNB) fraud case reached the Supreme Court on Wednesday, with the Centre opposing a public interest litigation (PIL) seeking such an action.

Opposing the PIL, Attorney General K K Venugopal told a Bench of Chief Justice Dipak Misra, Justice A M Khanwilkar, and Justice D Y Chandrachud that an FIR had already been filed in the multi-billion PNB fraud case and a probe was going on. As Venugopal rose to oppose the PIL, petitioner lawyer Vineet Dhanda urged the Bench to issue a notice to the Centre as the "kingpin of the scam Nirav Modi" had run away with the "common man's savings".

Further, carrying forward with the arrests it made on Tuesday, the Central Bureau of Investigation (CBI) on Wednesday said that it has arrested a General Manager rank officer of the PNB in connection with the Nirav Modi fraud case. "Rajesh Jindal, who was holding the charge of Brady House Branch Head between August 2009 and May 2011 was arrested on Tuesday night from Mumbai," a CBI official said. It was during Jindal's tenure at the Brady House that the alleged fraud took place, the CBI officer said.