ED seizes Nirav Modi’s assets worth Rs.330 crore under fugitive law

The Enforcement Directorate (ED) has confiscated assets worth Rs 329.66 crore belonging to diamantaire Nirav Modi under the fugitive…
ED seizes Nirav Modi's assets worth Rs.330 crore under fugitive law
The Enforcement Directorate (ED) has confiscated assets worth Rs 329.66 crore belonging to diamantaire Nirav Modi under the fugitive economic offenders law.

A special court in Mumbai had authorised the central probe agency on June 8 to confiscate the assets. The seized properties include flats in Mumbai, London and UAE, bank deposits and shares.

The probe agency had earlier seized properties worth Rs 2,348 crore of Nirav Modi.

The agency had last month imported around 108 packages of jewellery and gems belonging to firms controlled by Nirav Modi and his uncle Mehul Choksi from Hong Kong. These include polished diamonds, pearls, pearl and silver jewellery. Investigators say the entire shipment is valued at around Rs 1,350 crore and weighs 2,340 kg.

Nirav Modi, 48, and his uncle Mehul Choksi, 60, are accused in a scam involving fake guarantees in the name of state-run Punjab National Bank (PNB) to secure overseas loans. Both fled India in 2018, before the Central Bureau of Investigations began investigations.

Both the businessmen are being investigated by the Enforcement Directorate under the Prevention of Money Laundering Act.

Nirav Modi was arrested last year in London and is fighting extradition to India from jail. Mehul Choksi is now residing in Antigua and holds its citizenship. He has cited health reasons for not returning to India.

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