ED attaches property of Nirav Modi worth more than $30 million

The Enforcement Directorate (ED) on Friday said it has attached proceeds of crime in the form of movable properties i.e. gems and jewellery and bank accounts amounting to USD 30.98 million and HKD 5.75 million, equivalent to Rs 253.62 crore in the case of the Nirav Modi group of companies in Hong Kong, SAR, China.

“On the basis of FIR under Section 420, 467, 471 and 120-B of the Indian Penal Code, 1860 and Section 13 of Prevention of Corruption Act, 1988 registered by CBI, BS & FC Branch, Mumbai, ED had initiated investigation by recording ECIR under Prevention of Money Laundering Act, 2002A in the case of PNB Bank Fraud of Rs 6498.20 Cr,” the official said.

During the course of the PMLA investigation, some assets of the Modi group of companies in Hong Kong were identified in the form of gems and jewellery lying in private vaults and bank balances in accounts maintained in Hong Kong, which is provisionally attached vide instant attachment order of Rs 253.62 Crore under Section 5 of PMLA, 2002.

Previously the ED had attached movable and immovable assets of Nirav Modi and associates to the tune of Rs 2396.45 crore in India and abroad.

With the present attachment, the total attachment of assets of Rs 2650.07 crore has been effected in the case against Nirav Modi by the ED.

Furthermore, movable and immovable assets of Modi and his associates amounting to Rs 1389 crore, have been confiscated under provisions of the Fugitive Economic Offenders Act, 2018 by the Special Court (FEOA), Mumbai.

The official said that the process of physical handing over of the confiscated assets is in progress and part of the confiscated assets has already been physically handed over to the victim banks.

“Earlier in this case, 2 Prosecution Complaints under PMLA, 2002 have already been filed by the Directorate against Nirav Modi and associated entities before Special Court (PMLA). Simultaneously, the extradition proceedings against fugitive, Nirav Modi is at final stage in London, UK,” said the official.

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