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India


ED confiscates Nirav Modi's asset worth Rs 329 Cr

ED confiscates Nirav Modi's asset worth Rs 329 Cr

New Delhi, Jul 8 (UNI) Enforcement Directorate (ED) on Wednesday informed that it has confiscated assets worth Rs 329.66 crore of Panjab National Bank scam accused and diamontaire Nirav Modi under the Fugitive Economic Offenders Act (FEOA).

The federal financial probe agency has been probing this case under Prevention of Money Laundering Act (PMLA) against the fugitive diamond merchant and his uncle Mehul Choksi among others on the basis of a CBI probe into an over 11,000 crore alleged bank fraud at a PNB branch in Mumbai.

“The confiscated properties are in the form of four flats at the iconic building Samudra Mahal in Worli Mumbai, a sea-side farm house and land in Alibaug, a windmill in Jaisalmer, a flat in London and residential flats in UAE, shares and bank deposits,” ED said in a statement, adding that a special court in Mumbai had on June 8 authorised it to confiscate the assets.

Nirav Modi was declared a fugitive economic offender by the same court on December 5 last year. “The ED has attached the properties worth Rs 329.66 crore under the FEO Act, 2018 which now stands confiscated to the central government,” the probe agency said, adding that it has till now attached assets worth Rs 2,348 crore of Nirav Modi under the PMLA.

Fugitive Nirav Modi is currently languishing in a UK jail after being arrested in London in March, 2019 and he has been fighting his best to avoid extradition to India.



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