Home / India / ED attaches Nirav Modi properties worth Rs 147 crore

ED attaches Nirav Modi properties worth Rs 147 crore

The properties include buildings, cars, jewellery and paintings
Nirav Modi
Nirav Modi
The Telegraph file picture

PTI   |   New Delhi   |   Published 26.02.19, 10:18 AM

The Enforcement Directorate on Tuesday attached properties worth Rs 147.72 crore belonging to fugitive diamantaire Nirav Modi and his companies, officials said.

The attached movable and immovable properties are located in Mumbai and Surat, and have a market value of Rs 147,72,86,651.The properties comprise buildings, eight cars, plant and machinery, consignments of jewellery, and paintings, they said.

The properties are owned by Modi, who is an accused in the over Rs 13,000-crore PNB scam, and his group of companies Firestar Diamond International Private Limited, Firestar International Private Limited, Radheshir Jewelry Company Private Limited and Rhythm House Private Limited, an official said.

The Enforcement Directorate (ED) attached them under the Prevention of Money Laundering Act (PMLA), 2002.

The official said a prosecution complaint has been filed against Modi and others for the offence of money laundering.

On the basis of an FIR registered by the Central Bureau of Investigation, the ED had earlier registered a money laundering case against Modi and others on February 15 last year under provisions of the PMLA, another official said.

It was alleged that Modi and the others had cheated PNB in connivance with some bank officials by fraudulently getting Letter of Undertakings issued without following the prescribed procedure.

Several properties in India and abroad, totalling to Rs 1,725.36 crore, belonging to Modi had been attached earlier. In addition, gold, diamond, bullion, jewellery and other valuables worth Rs 489.75 crore belonging to the Nirav Modi Group were seized.

Copyright © 2020 The Telegraph. All rights reserved.