Nirav Modi's assets are valued at Rs 29.75 crore. (X/DDNewslive)
New Delhi: The Enforcement Directorate (ED) has announced the provisional attachment of assets worth Rs 29.75 crore linked to fugitive businessman Nirav Modi, marking a significant development in the ongoing investigation into the Punjab National Bank (PNB) loan fraud case.
On Wednesday, the ED revealed that its Mumbai zonal office had attached assets in the form of immovable properties and bank balances belonging to Nirav Modi. These assets, valued at Rs 29.75 crore, have been identified as proceeds of crime. Modi, who has been imprisoned in the United Kingdom since his arrest in 2019, faces serious charges related to the PNB fraud.
#NewDelhi | The Enforcement Directorate (ED) has provisionally attached proceeds of crime in the form of immovable properties and bank balances amounting to Rs 29.75 crore in the case of Rs 6498.20 crore @pnbindia fraud by #NiravModi: @dir_ed pic.twitter.com/Nn59EHLQbK
— DD News (@DDNewslive) September 11, 2024
Nirav Modi, along with his uncle Mehul Choksi, is a principal accused in the massive PNB fraud scandal, which involves a staggering amount of Rs 6,498 crore. The case is a major component of a broader money laundering investigation initiated by the ED following a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI). The investigation alleges that Modi and Choksi, in collusion with bank officials, orchestrated the fraudulent activities.
Prior to this latest attachment, the ED had already seized assets totaling approximately Rs 2,596 crore belonging to Modi and his associates, both within India and internationally. Additionally, assets valued at Rs 692.90 crore were confiscated under the Fugitive Economic Offenders Act, 2018, and Rs 1,052.42 crore were restored to PNB and consortium banks.
In a statement, the ED elaborated on their recent actions: “During the course of investigation, assets worth Rs 29.75 crore of Nirav Modi and his group of companies lying in India were identified. These include land, buildings, and amounts in bank accounts, which are being provisionally attached under the Prevention of Money Laundering Act (PMLA), 2002.” The ED further noted that the total movable and immovable assets attached so far amount to around Rs 2,596 crore.
Meanwhile, Nirav Modi remains at the center of extradition proceedings in London. Earlier this year, he sought bail from a UK court, but his request was denied for the seventh time. Modi subsequently withdrew his bail appeal before the United Kingdom High Court.
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