The Enforcement Directorate today reported that it had freezed Rs 30 crore in bank accounts & shares worth Rs 13.86 crore held in a Nirav Modi Company. This latest move comes on the heels of multiple seizes and raids by the Enforcement Directorate.
The Enforcement Directorate also informed that they received a tip-off from a source, which led to an unusual discovery: “huge quantity of imported watches stacked in 176 steel almirahs, 158 corrugated boxes & 60 plastic containers”
ED freezes Rs 30 crore in bank accounts & shares worth Rs 13.86 crore held in a Nirav Modi Company. Acting on a tip off, ED also recovers huge quantity of imported watches stacked in 176 steel almirahs, 158 corrugated boxes & 60 plastic containers. pic.twitter.com/jg9IQLQuy4
— ED (@dir_ed) February 23, 2018
The value and the exact number of the watches seized has not been declared yet by the Enforcement Directorate. The watches may have to be examined to determine whether they are genuine watches or cheap fakes. The watches were found in corrugated boxes, pictures of which were uploaded by the Enforcement Directorate:
The above move comes on the back of multiple actions taken by various authorities over the past few days. Yesterday, the Enforcement Directorate had reported that it had seized several premium cars belonging to Nirav Modi and his companies. The cars include a Rolls Royce Ghost, Porsche Panamera, 2 Mercedes Benz, 3 Honda, 1 Toyota Fortuner & an Innova, as per the Enforcement Directorate. It was also declared that shares & mutual funds worth Rs 7.8 Cr of Nirav Modi & Rs 86.72 crore of Mehul Choksi group were frozen by the Enforcement Directorate.
On 16th February, in raids that continued late into the night, the ED seized Rs. 5,100 crores worth of Gold, precious gems and Jewellery. The Enforcement Directorate also tweeted about additional raids being conducted and that diamonds, gold and jewellery worth Rs. 549 crores (book value) have been seized.