The Enforcement Directorate (ED) on Monday said that it has attached more properties of absconding diamantaire Nirav Modi worth Rs 171 crore as part of its probe in the multi-crore Punjab National Bank (PNB) fraud.
“During further investigation, more properties and bank accounts beneficially owned by Nirav Modi were unearthed. And based on the bank statements, property documents and statements recorded of the persons concerned, under sections of the Prevention of Money Laundering Act (PMLA), 2002, and the money trail derived during the course of investigation, properties worth Rs 171. 26 crore in the form of movable and immovable properties have been provisionally attached,” an ED official said in New Delhi.
The official said that the attached properties includes four commercial premises in Mumbai and Surat (with present market value worth Rs 72.87 crore), 106 bank accounts (with account balance of Rs 55.12 crore), 15 demat accounts (with Rs 35.86 crore) and 11 cars valued at Rs 4.01 crore.
The financial probe agency’s action comes after it registered a separate case against the diamond jeweller and his uncle Mehul Choksi of the Gitanjali Group for defrauding the banks to the tune of Rs 14,500 crore.
{{/usCountry}}The financial probe agency’s action comes after it registered a separate case against the diamond jeweller and his uncle Mehul Choksi of the Gitanjali Group for defrauding the banks to the tune of Rs 14,500 crore.
{{/usCountry}}Till date, the ED has carried out searches at over 251 properties across the country and seized diamond, gold, precious and semi precious stones, pearls. The ED has also attached immovable properties belonging to Nirav Modi Group and Mehul Choksi group to the tune of Rs 7,638 crore.
The fraud was committed during 2011-17 by illegally issuing Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs). Choksi, Modi and his family fled in January around a month before the PNB filed first complaint against them about the fraud and they are still at large.