Bank loan fraud case: ED attaches fresh assets of fugitive diamond trader Nirav Modi worth Rs 29.75 crore
ED had issued a provisional order under the Prevention of Money Laundering Act (PMLA) to attach these assets - bank deposits, land, and buildings that belong to fugitive diamond trader Nirav Modi.
The Enforcement Directorate (ED) on Wednesday said it has attached fresh assets worth Rs 29.75 crore of fugitive diamond trader Nirav Modi. The latest action by the probe agency was taken under the anti-money laundering law.
ED, in an official statement, said a provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to attach these assets. The attached assets include bank deposits, land, and buildings, it said.
The agency attached assets worth Rs 2,596 crore in India and abroad in the past. ED has been probing Modi in the alleged USD 2 billion fraud against the Punjab National Bank for over five years now.
Who is Nirav Modi?
Diamond trader Modi, 53, is presently lodged in a UK jail and has lost his extradition plea to India in connection with the bank loan fraud case, which is also being investigated by the Central Bureau of Investigation (CBI).
ED has been probing money laundering charges against Modi and his uncle Mehul Choksi, both prime accused in the case, along with others. They allegedly perpetrated fraud in connivance with bank officials and by issuance of fraudulent Letters of Undertaking (LoUs) at the Brady House Punjab National Bank (PNB) branch in Mumbai.
Modi, who was declared a fugitive economic offender by a Mumbai PMLA court in December 2019, was arrested the same year in London.
The ED said movable and immovable assets of Modi and his associates amounting to Rs 692.90 crore have been "confiscated" under the provisions of the Fugitive Economic Offenders Act.
Also, assets to the tune of Rs 1,052.42 crore have been successfully restored to the victim banks -- PNB and consortium banks, it said.
"The extradition proceedings against Nirav Modi were initiated and are under progress in London, UK. Earlier this year, Nirav Modi applied for bail in a UK court but it was denied for the seventh time," it said.
The agency said an appeal was filed by Modi before the UK High Court against the bail order, which was later withdrawn. Currently, he is lodged in UK Jail.
(with PTI inputs)
Also read: Woman loses Rs 27 lakh in eSIM Scam: How to protect yourself from 'SIM Swap Fraud'