PNB Fraud: ED Attaches Assets Of Nirav Modi Worth Over Rs 1,000 Crore Including Jewelry Worth Rs 22 Crore

Mumbai, October 1: The Enforcement Directorate today has attached properties and bank accounts to the tune of Rs 637 crore of Nirav Modi in Punjab National Bank (PNB) scam. In addition to this, two immovable properties having a total value of USD 29.99 Million (Rs 216 Crores Approx) and beneficially owned by Modi in New York, have also been attached by the ED under section 5 of Prevention of Money laundering Act. 5

The ED has also attached five overseas bank accounts belonging to the diamond merchant having a balance of total Rs 278 Crores and a flat in South Mumbai worth Rs 19.5 Crore. According to reports, diamond studded jewellery worth Rs 22.69 crore has brought back to India from Hong Kong.

In July, the Interpol issued a red corner notice against the PNB fraud accused. The RCN came after the Central Bureau of Investigation, which is probing the fraud, submitted documents, including FIRs and chargesheet, in the case to Interpol. India had earlier requested a group of countries to deny entry to Modi. The PNB was made a party to the sale of all of Modi's assets in the United States as per the order of its Bankruptcy Court.

Nirav Modi is also accused of fraudulently borrowing approximately 4 billion US dollar (Rs 13,000 Crore Approx) by manufacturing fraud transactions to import diamonds in few years through his 20 shell companies. Nirav Modi along with his uncle Mehul Choksi of the Gitanjali Group is under probe in the PNB fraud case by both the Central Bureau of Investigation (CBI) and the ED. Modi left India along with his family in the first week of January, weeks before the scam was reported to the CBI.

(The above story first appeared on LatestLY on Oct 01, 2018 10:54 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).