Enforcement Directorate Attaches Nirav Modi’s Properties Worth Rs 147 Crore
The Enforcement Directorate attached properties worth Rs 147.72 crore of fugitive diamantaire Nirav Modi and his companies, officials said.
The attached movable and immovable properties are located in Mumbai and Surat in Gujarat. The properties comprise eight cars, plant and machinery, consignments of jewellery, paintings, and some buildings, they said.
The properties are owned by Modi, who is an accused in the over Rs 13,000-crore PNB scam, and his group of companies namely Firestar Diamond International Pvt. Ltd., Firestar International Pvt. Ltd, Radheshir Jewellery Company Pvt. Ltd. and Rhythm House Pvt. Ltd., an official said.
The properties were attached by the ED under the Prevention of Money Laundering Act 2002.
Investigation revealed that substantial proceeds of crime obtained fraudulently by the Nirav Modi-owned group of firms Solar Exports, Stellar Diamonds and Diamond RUS from the Punjab National Bank were diverted to him, his relatives and entities controlled by him.
On the basis of a first information report registered by Central Bureau of Investigation, the ED had earlier registered a money laundering case against Modi and others on Feb. 15 last year under the provisions of the PMLA, another official said
It was alleged that Modi and others committed the offence of cheating PNB in connivance with certain bank officials by fraudulently getting Letter of Undertakings issued without following the prescribed procedure and caused a wrongful loss to the bank.
Several properties in India and abroad, totalling to Rs 1,725.36 crore were also attached earlier. In addition, gold, diamond, bullion, jewellery and other valuables worth Rs 489.75 crore belonging to the Nirav Modi Group were also seized.
The official said a prosecution complaint has been filed in this case against Modi and others for the offence of money laundering.