Mumbai's Iconic Rhythm House Among 21 Properties Linked to Nirav Modi Attached by ED
Rhythm House, earlier owned by the Curmally family, had pulled the shutters in December 2016, before being taken over by Nirav Modi.
Mumbai, Feb 26: In the seizure-spree launched by central agencies against diamontaire Nirav Modi, a total of 21 properties linked to him have been attached in Mumbai. The properties, whose collective worth has been pegged at Rs 524 crore, includes the iconic Rhythm House -- once considered to be a shrine for overseas music genre lovers of the city.
Rhythm House, earlier owned by the Curmally family, had pulled the shutters in December 2016, leaving scores of music lovers disappointed, who often thronged the store for imported jazz and western classical. After Nirav Modi took over from the Curmall family, there was a sigh of hope of its resurgence.
However, the Rhythm House fans faced yet another disappointment after the ED officials posted its seizure notice at the Rhythm House's main entrance.
Rhythm House was bought by Modi at the then market price of Rs 32 crore. The music store, along with other properties linked to the diamond czar across the nation, could eventually be auctioned for recovering the amount which he owes to the state-run banks.
While the Punjab National Bank has been defrauded to the tune of Rs 11,500 crore by Modi and his maternal uncle - chief of Gitanjali Gems Mehul Choksi, other PSUs have also been reportedly duped by the two jewellers. The collective outstanding amount could be above Rs 20,000 crore, officials were reported as saying.
The ED, along with the CBI and Income Tax department has issued summons to Modi and Choksi. Both had left the nation in the first week of January - days before the financial scandal came to light.
(The above story first appeared on LatestLY on Feb 26, 2018 02:24 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).