ED attaches Nirav Modi's assets worth Rs 30 crore in PNB fraud case

Directorate of Enforcement (ED) has provisionally attached proceeds of crime in the form of immovable properties and bank balances amounting to Rs 29.75 crore of diamond merchant Nirav Modi in the case of PNB fraud case.

The agency had initiated investigation on the basis of an FIR registered by CBI under sections of IPC, 1860 and Prevention of Corruption Act, 1988 in the case of bank fraud worth Rs 6498.20 crore.

During course of investigation, assets worth Rs. 29.75 crore of Nirav Modi and his group of companies lying in India were identified in the form of land and building and amount lying in bank accounts, which are being provisionally attached under PMLA, 2002, ED sources said.

During a PMLA probe earlier, ED had attached movable and immovable assets of Nirav Modi and associates to the tune of around Rs 2,596 crore in India and abroad.

Furthermore, movable and immovable assets of Modi and his associates amounting to Rs 692.90 crore, have been confiscated under provisions of fugitive economic offenders Act, 2018 by Special Court (FEOA), Mumbai.

Also, assets to the tune of Rs 1052.42 crore have been successfully restored to the victim banks i.e. PNB and consortium banks.

Earlier in this case, a prosecution complaint and supplementary prosecution complaint under PMLA, 2002 have already been filed by ED against Nirav Modi and associated entities before the Special Court (PMLA).

Simultaneously, the extradition proceedings against arrested fugitive Nirav Modi, were initiated and are under progress in London, UK.

Earlier this year, Modi had applied for bail in a UK court and his bail was denied for the seventh time, by the court.

An appeal was filed by Nirav Modi before the UK High Court against the bail order, which was later withdrawn. Currently, he is lodged in a UK jail.