ED attaches fresh assets of Nirav Modi

Enforcement Directorate attaches assets worth ₹29.75 crore of fugitive Nirav Modi under anti-money laundering law.

The Enforcement Directorate on Wednesday (September 11, 2024) said it has attached fresh assets worth ₹29.75 crore of fugitive diamond trader Nirav Modi under the anti-money laundering law.

A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to attach these assets that are in the form of bank deposits, land, and buildings, it said in a statement.

The agency, which has been probing Modi in the alleged $2 billion fraud against the Punjab National Bank for over five years now, has attached assets worth ₹2,596 crore in India and abroad in the past.

Modi, 53, is presently lodged in a U.K. jail and has lost his extradition plea to India in connection with this alleged bank loan fraud case, which is also being investigated by the Central Bureau of Investigation.

Modi and his uncle Mehul Choksi, both prime accused in the case, along with others are being probed by the ED on money laundering charges for allegedly perpetrating 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 was declared a fugitive economic offender by a Mumbai PMLA court in December 2019. He was arrested the same year in London.

The ED said movable and immovable assets of Modi and his associates amounting to ₹692.90 crore have been "confiscated" under the provisions of the Fugitive Economic Offenders Act.