Earlier, the Enforcement Directorate (ED) had seized properties worth Rs 2,348 crores owned by Nirav Modi, a key accused in the Rs 14,000 crore PNB scam.
New Delhi, July 8:
According to officials, attached properties of fugitive businessman Nirav Modi stand confiscated to the Central Government under the scope of the Fugitive Economic Offenders Act, 2018 (FEOA). The net worth of the four confiscated properties amounts to Rs 329.66 crores.
These properties include the iconic Samudra Mahal building in Mumbai’s Worli, a seaside farmhouse, and adjoining land in Maharashtra’s Alibaug, a windmill in Rajasthan’s Jaisalmer, along with one apartment in London and several residential flats in the UAE as well as shares and bank deposits.
Earlier, the Enforcement Directorate (ED) had seized properties worth Rs 2,348 crores owned by Nirav Modi. The former diamond trader is a key accused in a Rs 14,000 crore fraud involving the Punjab National Bank (PNB). Other accused include his uncle Mehul Choksi, some other relatives, and a few PNB staffers.
The ED’s preliminary investigation had revealed that fake Letters of Undertakings (LoUs) issued by bankers enabled Nirav Modi’s shell companies to receive fraudulent PNB LoUs.
A complaint was first lodged in this regard with the CBI on January 29, 2018. India’s second-largest public sector bank (PSB), the PNB had named three diamond firm in its complaint – Diamonds R Us, Solar Exports, and Stellar Diamonds. Following a preliminary probe, investigators claimed on May 18, 2018, that the scam had amounted to Rs 14,000 crores.
A designer, businessman and luxury diamond jeweller, Nirav Modi had featured at number 57 on the Forbes list of billionaires in 2017. He is the chairman of Firestar International with stores in India and abroad.
