PNB scam: ED files first chargesheet against Nirav Modi, associates

NEW DELHI: The Enforcement Directorate on Thursday has filed its first chargesheet in the Punjab National Bank (PNB) fraud involving diamantaire Nirav Modi and his associates, officials said. The scam, which is the country's biggest banking fraud (over $2 billion), was unearthed at a Mumbai branch of PNB.
The 12,000 page chargesheet (prosecution complaint) has been filed before a special court in Mumbai under various sections of the Prevention of Money Laundering Act (PMLA). It is also expected that the ED would file a second chargesheet against Nirav Modi's uncle and jeweller Mehul Choksi and his businesses.
Both Nirav and Choksi had left the country + before the scam was detected.
The central probe agency had attached assets worth Rs 170 crore + of Nirav Modi in connection with its money laundering probe.
Last week, the agency had seized over 34,000 pieces of jewellery worth Rs 85 crore from Gitanjali Group, owned by Nirav Modi's uncle and jeweller Mehul Choksi, also wanted in this case.
According to data till March, the ED had attached over Rs 7,600 crore worth of assets of all the accused in this case.
This case is being also being probed by the Central Bureau of Investigation (CBI) and other investigative agencies. The CBI had early this month filed two charge sheets in this case.

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