The order also authorises gathering of documents from these individuals and others such as Ajay Gandhi and Kunal Patel
The 125 paintings were mentioned in an assets list prepared by chartered accountants.
The move to downsize the Brady House branch comes as India's second-largest state lender seeks to tighten controls and restore its reputation.
The Red Corner Notice was issued after a rquest by the CBI.
Modi has been traced to Belgium by Indian intelligence agencies and his frequent travels, despite the revocation of his passport, have led the sleuths to unearth six passports that he held.
Nirav Modi fraud-hit Punjab National Bank (PNB) is hopeful of Rs 8,000 crore recovery from bad loans in the first quarter of the current fiscal.
The directorate, which has been in the thick of action, had last week quizzed Rajasthan Royals co-owner Raj Kundra for over 10 hours in a Rs 2000-crore bitcoin scam.
The central probe agency here said it issued a provisional order under the Prevention of Money Laundering Act (PMLA), attaching four commercial premises -- with the market value of Rs 72.87 crore -- in Mumbai and Surat, 106 bank accounts holding Rs 55.12 crore of deposits, 15 demat accounts containing Rs 35.86 crore, and 11 cars valued Rs 4.01 crore.
The Enforcement Directorate said it has seized over 34,000 pieces of jewellery worth Rs 85 crore from the Gitanjali Group, owned by diamantaire Mehul Choksi, in connection with the Rs 13,000-crore PNB fraud case.
As on March 31, the bank had net non-performing loans totaling over Rs 48,000 crore on its books, against a net worth of around Rs 41,000 crore.
These numbers suggest that right after the scam came to light, other jewellers used up their existing credit limits to escape the methods that banks employed for self-protection
The bank plans to approach other jurisdictions where Nirav Modi and his associates have assets and properties as part of recovery process, a senior PNB official said.
In a petition, the corporate affairs ministry has also sought to invoke powers including the removal of the management and recovery of undue gains.
They said the agency is focusing on the execution of Letters of Undertaking (LoUs) fraudulently issued by PNB's Brady House branch in favour of foreign branches of Indian banks.
The comments from Khan come after the CBI quizzed him as part of its ongoing probe in the Rs 13,000-crore PNB fraud case.
The bank has received tremendous support from the government, other stakeholders and employees to come out of the situation, Mehta told PTI in an interview
The watchdog asserted the need for strengthening the preventive vigilance mechanism, ensuring procedures were not just routinely followed but that the veracity of reports was verified
Modi and his uncle Mehul Choksi, in connivance with certain bank officials, allegedly cheated PNB of over Rs 13,000 crore through fraudulent Letters of Undertaking
RBI official says Khan had been called for explaining the policies and regulatory guidelines about the technical aspects relating to the PNB case.
The officials said he was questioned about the UPA government's 20:80 gold import scheme, which was cleared by then Finance Minister Chidambaram on May 13, 2014, barely three days before the counting of votes of the general election.
The whereabouts of Modi and his uncle Mehul Choksi, the other person accused in India's biggest banking fraud at the country's second-largest state lender, have been unknown since the Central Bureau of Investigation (CBI) launched an investigation in February.
A high-level group constituted by the Institute of Chartered Accountants of India (ICAI) is studying specifically the systemic issues involved in Punjab National Bank fraud and would also suggest remedial measures for strengthening the banking system.
The CVC exercises superintendence over the CBI which is looking into the over Rs 13000-crore Punjab National Bank fraud case.
Replying to an RTI query, RBI said it has been issuing necessary instructions to banks from time to time on a variety of issues of prudential supervisory concern.
The bank is exploring all options for the recovery, including participating in the bankruptcy proceeding of Firestar Diamond Inc, sources said.