New Delhi. The Enforcement Directorate (ED) on Wednesday said it has attached new assets worth Rs 29.75 crore of fugitive diamond trader Nirav Modi under the anti-money laundering law. The ED said in a statement that a provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to attach the relevant assets. It said these assets are in the form of bank deposits, land and buildings.
The agency, which has been investigating the alleged fraud of two billion dollars with Punjab National Bank (PNB) for more than five years, had earlier seized assets worth Rs 2,596 crore of Nirav Modi in India and abroad. Nirav Modi (53) is currently lodged in a UK jail and his plea against extradition to India in connection with this alleged bank loan fraud case has been rejected. The case is also being investigated by the Central Bureau of Investigation (CBI).
The main accused in the case, Nirav and his uncle Mehul Choksi and others are accused of committing fraud in connivance with bank officials at the Brady House branch of Punjab National Bank (PNB) in Mumbai and issuing fake guarantee letters. The ED is investigating the allegations of money laundering in this case. Nirav was declared a fugitive economic offender by the Mumbai PMLA court in December 2019. He was arrested in London the same year.
The ED said that movable and immovable assets worth Rs 692.90 crore of Nirav and his associates have been “confiscated” under the provisions of the Fugitive Economic Offenders Act. It said that apart from this, assets worth Rs 1,052.42 crore have been successfully returned to the victim banks – PNB and related group banks.
The ED said, “Extradition proceedings have been initiated against Nirav Modi and are in progress in London, UK. Earlier this year, Nirav Modi had applied for bail in a UK court, but it was rejected for the seventh time.” The agency said that Nirav had filed an appeal in the UK High Court against the bail order, which was later withdrawn and he is currently lodged in jail in the UK.