At least 200 mask companies and ‘Benami’ properties are in the scope of investigating agencies. 
These investigating agencies are investigating the alleged fraud of Rs 11,400 crore in PNB, in which diamond trader Neerav Modi, his relative and business partner Mehul Choksi and others are accused of being involved.
Enforcement Directorate continues to search for Modi, Choksi and his companies for the fourth consecutive day today. ED is going to cover at least two dozen fixed assets under the Prevention of Money Laundering Act (PMLA). ED today raided at least 45 campuses including jewelery showrooms and workshops across the country.
A senior ED official said, “The income tax department has been evaluating ED, under the PMLA, that has temporarily attached two properties of Modi, his family members and companies. Some other properties will also be covered soon under the Prevention of Money Laundering Act. He said that ED and Income Tax Department have focused on 200 dummy or mask companies in the country and abroad, which were used to send or receive money in the form of alleged fraud.
It is suspected that the use of these mask companies was used in the purchase of ‘anonymity property’ in the form of land, gold and prized gems for purifying the accused. Its income tax department is now investigating. Sources said that ED and Income Tax Department had formed special teams to investigate the matter.
The ED has so far confiscated diamonds, gold jewelery and prized gems worth Rs 5674 crore in the case. In connection with the investigation of tax evasion, the Income Tax Department had stayed the ban on transactions from nine bank accounts of Gitanjali James, its promoter Mehul Choksi and others.
