Enforcement Directorate captures close confident of Nirav Modi

New Delhi, Mar 28 The Enforcement Directorate (ED) on Wednesday captured Shyam Sunder Wadhwa, Vice President, Finance, of Firestar Group and a nearby friend of gem dealer Nirav Modi under a Prevention of Money Laundering Act (PMLA).

The ED earlier on Saturday enlisted a body of evidence under PMLA against Nirav Modi, Mehul Choksi, and others in the Punjab National Bank (PNB) fraud case.

Throughout the investigation, a total of 251 searches were conducted all over India.

It prompted the seizure of diamond, gold, pearls, and precious and semi-precious stones.

Further, connections of immovable properties having a place with Nirav Modi Group and Mehul Choksi Group have been provisionally attached.

The total value of seizures and connection is roughly Rs. 7638 crores.

A joint search with the Central Bureau of Investigation (CBI) was additionally directed on March 22, at the private premises of Nirav Modi at Samudra Mahal, Mumbai.

The search continued for three days and resulted in the seizure of antique jewellery esteemed at Rs. 15 crores, top of the line watches esteemed at Rs 1.40 crores, and paintings worth approximately Rs. 10 crores.