Close confident of Nirav Modi arrested by Enforcement Directorate

March 28, 2018
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The Enforcement Directorate (ED) on Wednesday arrested Shyam Sunder Wadhwa, Vice President, Finance, of Firestar Group and a close confidante of jeweller Nirav Modi under a Prevention of Money Laundering Act (PMLA).

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

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

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

Further, attachments of immovable properties belonging to Nirav Modi Group and Mehul Choksi Group have been provisionally attached.

The total value of seizures and attachment is approximately Rs. 7638 crores.

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

The search continued for three days and resulted in the seizure of antique jewelry valued at Rs. 15 crores, high-end watches valued at Rs 1.40 crores, and paintings worth approximately Rs. 10 crores.

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