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Nation Crime 09 Jul 2020 ED confiscates over ...

ED confiscates over Rs 329 cr assets of Nirav Modi under fugitive law

DECCAN CHRONICLE.
Published Jul 9, 2020, 1:05 am IST
Updated Jul 9, 2020, 1:05 am IST
The action came after clearance from a special court in Mumbai for the confiscation
Nirav Modi (file)
 Nirav Modi (file)

Fugitive diamantaire Nirav Modi got another jolt after the Enforcement Directorate (ED) seized assets to the tune of Rs 329.66 crore in connection with the ongoing investigation in the Punjab National Bank (PNB) scam case, also involving his uncle and fugitive accused Mehul Choksi. The fresh action was taken as per the provisions of the fugitive economic offenders law.

“Attached properties of fugitive Nirav Modi consisting of flats, farm house, wind mill, shares and bank deposits totalling to Rs 329.66 crore stands confiscated to the Central government under the Fugitive Economic Offenders Act, 2018,” ED tweeted.

 

The seized property includes four flats at Samudra Mahal in Worli, a sea-side farm house and land in Alibaug, a windmill in Jaisalmer, a flat in London and residential flats in UAE along with shares and bank deposits.

The action came after clearance from a special court in Mumbai for the confiscation. With the current action, the agency has in all attached Modi’s assets worth Rs 2,348 crore under the Prevention of Money Laundering Act (PMLA).
Modi (49) is currently lodged in a UK jail after being arrested in London in March, 2019 and is currently fighting extradition to India. The ED is following up with his extradition which is a crucial step in the scam probe.

 

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