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ED attaches Nirav Modi’s assets worth ₹253 crore
Modi has been accused of defrauding PNB of ₹6,498 crore. He was arrested on March 19, 2019, on the basis of India’s extradition request to Britain and has been in prison since then.
The Enforcement Directorate (ED) on Friday said it has attached gems, jewellery and bank deposits worth ₹253.62 crore of fugitive diamantaire Nirav Modi’s group of companies in Hong Kong, as part of a money laundering probe into the Punjab National Bank (PNB) fraud case.
It also said that the proceedings to extradite the fugitive, who is in Wandsworth prison, on the outskirts of London, since 2019, are at the “final stage”.
“During the course of Prevention of Money Laundering Act (PMLA) investigation, some assets of Nirav Modi group of companies in Hong Kong were identified in the form of gems and jewellery lying in private vaults and bank balances in accounts maintained at Hong Kong, which is provisionally attached,” the agency said in a statement.
The movable assets – gems, jewellery and bank balances – amount to $30.98 million and HKD 5.75 million (equivalent to ₹253.62 crore as of today), it added.
Modi has been accused of defrauding PNB of ₹6,498 crore. He was arrested on March 19, 2019, on the basis of India’s extradition request to Britain and has been in prison since then.
The central anti-money laundering agency has so far attached properties worth ₹2,650 crore belonging to the fugitive under PMLA.
“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,” the ED said.
“Simultaneously, the extradition proceedings against fugitive, Nirav Modi, is at final stage in London, UK,” it added.
