ED Confiscates Over Rs 329-Crore Assets Of Nirav Modi Under Fugitive law

7Shares

New Delhi- The Enforcement Directorate (ED) on Wednesday said it has confiscated assets worth Rs 329.66 crore of diamond merchant Nirav Modi under the fugitive economic offenders law.

The businessman and his uncle Mehul Choksi among others are being probed by the ED on money laundering charges in connection with an over $2 billion alleged bank fraud at a PNB branch in Mumbai.

“The confiscated properties are in the form of four flats at the iconic building Samudra Mahal in Worli Mumbai, a sea-side farmhouse and land in Alibaug, a windmill in Jaisalmer, a flat in London and residential flats in UAE, shares and bank deposits,” the central probe agency said in a statement.

A special court in Mumbai had on June 8 authorised the ED to confiscate the assets.

Nirav Modi was declared a fugitive economic offender by the same court on December 5 last year.

“The ED has attached the properties worth Rs. 329.66 crore under the FEO Act, 2018 which now stands confiscated to central government,” it said.

The agency till now has attached assets worth Rs 2,348 crore of Nirav Modi under the Prevention of Money Laundering Act (PMLA).

Nirav Modi (49) is currently lodged in a UK jail after being arrested in London in March 2019 and is currently fighting extradition to India.

 

Be Part of Quality Journalism

Quality journalism takes a lot of time, money and hard work to produce and despite all the hardships we still do it. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives. Today more people are reading Kashmir Observer than ever, but only a handful are paying while advertising revenues are falling fast.

ACT NOW
MONTHLYRs 100
YEARLYRs 1000
LIFETIMERs 10000

CLICK FOR DETAILS


Press Trust of India

Leave a Reply

Your email address will not be published.

KO SUPPLEMENTS