The Enforcement Directorate has temporarily seized assets worth approximately Rs 29.8 crore, including property and bank balance, of fugitive businessman Nirav Modi in connection with the Punjab National Bank fraud case.
The total value of assets seized in this case so far is approximately Rs 2,625.8 crore, the Enforcement Directorate posted on X.
Nirav Modi was accused of cheating PNB after getting fake letters of undertaking. These documents allowed him to get foreign loans without proper security.
In 2018, the officials of the PNB Mumbai branch issued unauthorised letters of undertaking to Nirav Modi's companies, allowing them to get loans from foreign banks. The fraudulent activity remained undiscovered due to the alleged involvement of some bank officials who were supposed to prevent such activities. The estimated loss which the lender had to face was around Rs 6,498 crore.
RECOMMENDED FOR YOU
PM Unveils Projects Worth Rs 60,000 Crore From Odisha, Flags Off Amrit Bharat Train
Sep 27, 2025
PNB Fraud: Nirav Modi’s Brother-In-Law Granted Pardon By CBI Court, To Become Approver
Sep 27, 2025
.jpeg.jpg?rect=0%2C0%2C3500%2C1969&w=320)
ED Books Fresh PMLA Case Against Anil Ambani, RCom For Alleged Rs 2,929-Crore Bank Loan Fraud
Sep 10, 2025
PNB Fraud: India Gives Formal Assurance To Belgium On Mehul Choksi's Detention Conditions
Sep 08, 2025
POPULAR
