PNB Fraud | Art, watches seized from Nirav Modi residence

Paintings by MF Hussain, Kattingeri Krishna Hebbar and Amrita Sher-Gil, worth Rs 10 crore were seized from the residence of absconding billionaire jeweller Nirav Modi in Mumbai in the Punjab National Bank (PNB) scam case. The Enforcement Directorate (ED) and CBI also seized antique jewellery worth Rs 15 crore and watches worth Rs 1.40 crore.

"A lone diamond ring in this cache is valued at Rs 10 crore," said an ED official, adding that the total seizure and attachment of diamond, gold, precious and semi-precious stones and other movable and immovable assets in the case now stand at Rs 7,664 crore.

An ED official said that joint searches with the Central Bureau of Investigation (CBI) were carried from Thursday to early Saturday at Nirav Modi's palatial Samudra Mahal residence in Mumbai in Prevention of Money Laundering Act (PMLA) case.

ED is also in touch with the Interpol to trace the Modi and his uncle and Gitanjali Gems promoter Mehul Choksi, who is also absconding. The agency has notified the Interpol for a global arrest warrant against the two after they left India early this year and have not appeared before the agency after summonses were issued to them.