Nirav Modi | Nirav Modi’s assets worth Rs 29.75 crore have been attached by ED

Nirav Modi | The Enforcement Directorate (ED) said on Wednesday that it has attached fresh assets worth Rs 29.75 crore belonging to absconding diamond merchant Nirav Modi under the Anti-Money Laundering Act. The ED said in a statement that it has issued interim orders to attach the assets in question under the Prevention of Money Laundering Act (PMLA). These assets are attached in the form of bank deposits, land and buildings. The agency has been investigating the Punjab National Bank (PNB) case for a five-year fraud of two billion. Earlier, the ED had seized properties worth Rs 2,596 crore belonging to Nirav Modi in India as well as abroad. Nirav Modi is currently in UK jail.

The bank rejected his request, opposing his extradition to India in connection with a fraud case related to loan evasion. The CBI is investigating the case. The prime accused in this case, Nirav and his uncle Mehul Choksi, are accused of committing fraud along with bank officials at the Brady House branch of Punjab National Bank (PNB) in Mumbai and issuing fake letters of guarantee. The ED is investigating the money laundering allegations in this case. In December 2019, Nirav was declared a fugitive financial offender by the Mumbai PML court. He was arrested in London the same year. According to the provisions of the Fugitive Economic Offenders Act, the ED has seized movable and immovable assets worth Rs 692.90 crore belonging to Nirav and his associates. It said that assets worth Rs 1,052.42 crore have been successfully returned to the affected banks and PNB related group banks.