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Nirav Modi's movable properties worth Rs 253 crore seized by ED, total tally reaches Rs 2,650 crore

During the course of the PMLA investigation, some assets of Nirav Modi group of companies in Hong Kong were identified in the form of gems and jewelleries lying in private vaults and bank balances, which is provisionally attached vide instant attachment order of Rs 253.62 Crore under Section 5 of PMLA, 2002, the ED said.

ET Now Digital

Updated Jul 22, 2022, 18:32 IST

New Delhi: The Directorate of Enforcement on Friday said that it has provisionally attached movable properties i.e. gems and jewelleries and bank balance amounting to Rs 253.62 crore in the case of Nirav Modi group of companies in Hong Kong.

With this, the total attached and seized assets tally in the case has reached Rs 2,650.07 crore, the ED added.

The 50-year-old fugitive diamantaire is currently lodged in a UK jail and has lost his extradition plea to India in connection with the $2 billion PNB fraud case. The case is also being probed by the Centra; Bureau of Investigation (CBI).

“During the course of the PMLA investigation, some assets of Nirav Modi group of companies in Hong Kong were identified in the form of gems and jewelleries lying in private vaults and bank balances in accounts maintained at Hong Kong, which is provisionally attached vide instant attachment order of Rs. 253.62 Crore under Section 5 of PMLA, 2002,” the agency said in a statement.

Previously, the ED had attached movable and immovable assets of Modi and his associates to the tune of Rs 2,396.45 crore in India and abroad. “Movable and immovable assets of Nirav Modi and his associates amounting to Rs 1,389 crore, have been confiscated under provisions of Fugitive Economic Offenders Act, 2018 by Special Court (FEOA), Mumbai,” the agency had said.

The process of physical handing over of confiscated assets is in progress and part of the confiscated assets has already been physically handed over to victim banks, it added.

Fugitive businessman Mehul Choksi’s and his nephew Nirav Modi are accused of defrauding Punjab National Bank of over Rs 13,500 crores. While Modi is fighting his extradition plea in London, Choksi is currently residing in Antigua & Barbuda.

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