PNB fraud: ED attaches Nirav Modi’s ₹52-crore Rajasthan wind farm
In all, the ED has so far attached ₹7,600 crore worth of assets during its probe into the alleged money laundering casemumbai Updated: May 31, 2018 00:38 IST
The Enforcement Directorate (ED) has made a fresh attachment of properties in Rajasthan belonging to fugitive diamond businessman Nirav Modi in connection with the ₹13,578-crore Punjab National Bank (PNB) fraud.
The ED on Wednesday attached a wind farm worth ₹52.80 crore in Jaisalmer, Rajasthan. The farm, containing four power plants with total a total power capacity of 9.6 MW linked to the firms Solar Exports, Stellar Diamonds, Diamond R US and Neeshal Merchandising Pvt Ltd (the first three are owned by Nirav Modi’s family and are named in the PNB fraud charge sheet).
A few days ago, the ED also attached four commercial premises in Mumbai and Surat valued at Rs 72.87 Crore, 106 bank accounts having balance of ₹55.12 Crore, 15 demat accounts with shares of ₹35.86 Crore and 11 cars valued at ₹4.01 Crore in connection with the case.
Earlier in March 2018, the ED had attached solar power plants in Karjat and Ahmednagar worth ₹60crore owned by Nirav Modi.
Prior to this, the agency seized over 34,000 pieces of jewellery worth ₹85 crore from Gitanjali Group, owned by Modi’s maternal uncle Mehul Choksi, 21 immovable properties worth ₹523.72 crore belonging to Modi and the companies controlled by him. Those included six residential flats and 10 office premises in Mumbai, two residential flats in Pune, one farmhouse in Alibaug, a solar power plant and 135 acres of land at Karjat and Ahmednagar.
In all, the ED has so far attached ₹7,600 crore worth of assets during its probe into the alleged money laundering case involving Nirav Modi and PNB.
The ED registered a case under the Prevention of Money Laundering Act (PMLA) in February 2018 on the basis of three FIRs filed by Central Bureau of Investigation (CBI) in January 2018. According to the CBI, Modi and his uncle Mehul Choksi allegedly cheated PNB in connivance with certain bank officials by fraudulently getting the letters of undertaking (LoUs) issued in their three firms without putting any security and without following prescribed procedure, thus causing major loss to the bank.