More than 10,000 watches seized by Enforcement Directorate, connected to Nirav Modi

Over 10,000 imported watches have been seized by the Enforcement Directorate (ED) from various locations which are reportedly connected to Nirav Modi. It is also being said that the watches might have been imported for some business purpose. The ED also seized 176 steel almirahs and 158 boxes linked to Modi over the last week.


The imported watches were seized from the 60 plastic containers from several locations connected to the diamond czar during the searches carried out in the last few days in connection with an ongoing probe in the Rs. 11,300 crore Punjab National Bank fraud case.


An ED official said, "As he used to deal in designer jewellery, the watches too have been imported for the designer watch collection. However, the purpose of imported watches would be clear after some time as it might have been imported for gifting purpose also.”


The financial probe agency has also frozen diamond trader's bank account and shares worth Rs. 43 crore besides the imported watches. The bank account which was seized by the ED had a balance of Rs. 30 crores, while the shares were valued at Rs. 13.86 crores. On Thursday, the agency seized bank deposits, shares and luxury cars worth over Rs. 100 crore belonging to the businessman and his group.


The agency has also now frozen Mutual funds and shares worth Rs. 7.80 crore of Nirav Modi and Rs. 86.72 crore belonging to his uncle from another jewellery brand. The agency's action comes in the action of its ongoing probe against the two and many others, including directors of their companies and bank officials for the alleged bank fraud.