The agency on Thursday seized shares, mutual funds and luxury cars, worth over Rs 100 crore, of the group companies of Modi and Choksi. He is among the five officials to have been arrested.
The agency also placed Rajesh Jindal, who was the head of the Brady House branch in Mumbai during 2009-2011, under arrest yesterday night.
In a major shake-up post the Rs 11,300 crore Punjab National Bank fraud, over 1,000 employees with over three years of service have been transferred all over India in the past 72 hours. While seeking Shahi's custody, the CBI said he fabricated applications and related documents for issuance of purported LoUs for fraudulently availing buyers credit from PNB.
ED seizes 9 cars including Rolls Royce Ghost, Porsche Panamera, 2 Mercedes Benz, 3 Honda, 1Toyota Fortuner & an Innova of Nirav Modi & his companies.
The fraud has triggered tremendous unease in the government and it is under pressure to not just nab the fugitive diamond traders Nirav and Choksi but also fix the systemic gaps in the banking sector.
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Referring to the companies he own, Modi said in the letter: "The erroneously cited liability resulted in a media frenzy which led to immediate search and seizure of operations, and which in turn resulted in Firestar International and Firestar Diamond International effectively ceasing to be going-concerns".
Choksi duped J&K Bank of Rs 152 crore Wanted billionaire jeweller Mehul Choksi has defrauded the Jammu and Kashmir Bank to the tune of Rs 152 crore, bank officials told Mirroron Wednesday.
Modi is said to have defrauded Punjab National Bank, India's second largest state-run bank, of 1.8 billion US dollars, though he has said that he owed the bank only 775 million USA dollars, in a letter shot to the bank's management. It questioned officials at the General Manager level from that period. "A senior Central Banker says, "The menace of uncorroborated LOU (Letters of Undertaking) with no follow up documentation and checks is widespread and must be stopped or replaced by bank guarantees".
Federal police said Mr Modi, a jeweller to Hollywood stars such as Kate Winslet, left India with his family in January, prior to the case being filed.
The agency also said it would look into the reports submitted earlier by the Income Tax department.