ED confiscates Nirav Modi’s assets valued at Rs 329 crore
Nirav Modi, whose extradition is being pursued legally by India, is currently lodged in London’s Wandsworth jail since his arrest in March 2019.Updated: Jul 09, 2020, 00:37 IST
The Enforcement Directorate (ED) has confiscated assets worth ₹329 crore of jeweller Nirav Modi under the Fugitive Economic Offenders (FEO) Act, the agency said in a statement on Wednesday.
Nirav Modi, who was arrested in Britain last year, is wanted in India for allegedly defrauding Punjab National Bank.
“The confiscated properties are in the form of four flats at the iconic Samudra Mahal in Worli , Mumbai, a sea-side farmhouse and land in Alibaug, a windmill in Jaisalmer, a flat in London, residential flats in UAE, shares and bank deposits,” the statement said.
A special court in Mumbai on June 8 authorised the agency to confiscate the assets.
Modi, whose extradition is being pursued legally by India, is currently lodged in London’s Wandsworth jail since his arrest in March 2019.
The agency has to date attached assets worth ₹2,348 crore of Nirav Modi under the Prevention of Money Laundering Act (PMLA).
Last month, the agency brought back 108 consignments of polished diamonds, silver jewellery and pearls worth ₹1,350 crore belonging to Nirav Modi and his uncle, Mehul Choksi, from Hong Kong.
The consignments weighing 2,340 kg were seized in July 2018 with the help of Hong Kong authorities.
Nirav Modi and Choksi are wanted in the ₹13,578 crore Punjab National Bank fraud unearthed in early 2018.
The Central Bureau of Investigation and ED have filed charge sheets against the two for laundering money to at least 15 countries after taking loans from banks.
Choksi is currently in Antigua and Barbuda. His extradition proceedings are pending.