India
ED seizes new assets of Nirav Modi – Times of India
NEW DELHI: The Enforcement Directorate on Wednesday said it has seized fresh assets worth Rs 29.75 crore from fugitive diamond trader Nirav Modi under the Anti-Money Laundering Act. An interim order has been passed under the Money Laundering Prevention Act (PMLA) to seize these assets in the form of bank deposits, land and buildings, it said in a statement.
The agency, which has been investigating Modi for over five years in connection with the alleged $2 billion fraud against the Punjab National Bank, has in the past seized assets worth Rs 2,596 crore in India and abroad.
Modi, 53, is currently in a British prison and has lost his request for extradition to India in connection with the alleged bank loan fraud case, which is also being investigated by the Central Bureau of Investigation.
Modi and his uncle Mehul Choksi, both prime suspects in the case, are being investigated by the Public Prosecution Service along with others on charges of money laundering for allegedly committing fraud with the connivance of bank officials and issuing fraudulent Letters of Undertaking (LoUs) at the Brady House Punjab National Bank (PNB) branch in Mumbai.
Modi was declared a fugitive economic offender by a Mumbai court, the PMLA, in December 2019. He was arrested in London the same year.
According to the prosecution, the movable and immovable properties of Modi and his associates worth Rs 692.90 crore have been “attached” under the provisions of the Fugitive Economic Offenders Act.
Also, assets worth Rs 1,052.42 crore have been successfully returned to the affected banks — PNB and consortium banks, the report said.
“The extradition proceedings against Nirav Modi have been initiated and are underway in London, UK. Earlier this year, Nirav Modi filed a bail application in a UK court, but it was rejected for the seventh time,” the report said.
The agency said Modi had appealed to the British Supreme Court against the bail order, which was later revoked. He is currently in British prison.
The agency, which has been investigating Modi for over five years in connection with the alleged $2 billion fraud against the Punjab National Bank, has in the past seized assets worth Rs 2,596 crore in India and abroad.
Modi, 53, is currently in a British prison and has lost his request for extradition to India in connection with the alleged bank loan fraud case, which is also being investigated by the Central Bureau of Investigation.
Modi and his uncle Mehul Choksi, both prime suspects in the case, are being investigated by the Public Prosecution Service along with others on charges of money laundering for allegedly committing fraud with the connivance of bank officials and issuing fraudulent Letters of Undertaking (LoUs) at the Brady House Punjab National Bank (PNB) branch in Mumbai.
Modi was declared a fugitive economic offender by a Mumbai court, the PMLA, in December 2019. He was arrested in London the same year.
According to the prosecution, the movable and immovable properties of Modi and his associates worth Rs 692.90 crore have been “attached” under the provisions of the Fugitive Economic Offenders Act.
Also, assets worth Rs 1,052.42 crore have been successfully returned to the affected banks — PNB and consortium banks, the report said.
“The extradition proceedings against Nirav Modi have been initiated and are underway in London, UK. Earlier this year, Nirav Modi filed a bail application in a UK court, but it was rejected for the seventh time,” the report said.
The agency said Modi had appealed to the British Supreme Court against the bail order, which was later revoked. He is currently in British prison.
