The ED attached movable properties worth Rs 253.62 crore of fugitive diamantaire Nirav Modi group of companies in Hong Kong.
Mumbai: The fugitive diamantaire Nirav Modi’s group of enterprises in Hong Kong had movable property valued at Rs 253.62 crore which has been attached by the Enforcement Directorate (ED). According to an ED statement, the attached assets comprised jewels and jewellery as well as bank balances totalling USD 30.98 million and HKD 5.75 million, or Rs 253.62 crore (as of Friday).
As per the FIR that was filed under Section 420, 467, 471, and 120-B of the IPC 1860 and Section 13 of the Prevention of Corruption Act, 1988 registered by the CBI, the ED began an investigation under the Prevention of Money Laundering Act, 2002 (PMLA) in the Punjab National Bank (PNB) fraud case of Rs 6,498.20 crore.
The Nirav Modi group of companies’ assets in Hong Kong, including gems and jewellery hidden in private vaults and bank balances in accounts maintained in Hong Kong, were discovered during the course of the PMLA investigation, according to the ED. These assets were provisionally attached via an instant attachment order for Rs 253.62 crore under Section 5 of the PMLA, 2002.
Prior to this inquiry, the ED had attached Nirav Modi and his accomplices’ moveable and immovable assets worth a total of Rs 2,396.45 crore in both India and abroad.
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ED has provisionally attached movable properties i.e. Gems and Jewelleries and Bank Balances amounting to ₹ 253.62 Crore (as of today) in the case of Nirav Modi group of companies in Hong Kong. With this, total attached/ seized assets tally in the case stands at Rs. 2650.07 Cr.
— ED (@dir_ed) July 22, 2022
With this latest attachment, the ED has now attached or seized assets worth a total of Rs 2,650.07 crore in the investigation against Nirav Modi. Additionally, Nirav Modi and his accomplices’ movable and immovable assets worth Rs 1,389 crore have been seized by the Special Court (FEOA), Mumbai, in accordance with the provisions of the Fugitive Economic Offenders Act, 2018.
According to the ED, the process of physically handing over confiscated assets is ongoing, and some of the confiscated assets have already been physically delivered to the victim banks.
Before the Special Court in this matter, the ED has already filed two Prosecution Complaints under the PMLA, 2002, against Nirav Modi and related businesses (PMLA). In parallel, Nirav Modi’s extradition case is nearing its conclusion in London, United Kingdom.
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