In a massive crackdown on Nirav Modi’s assets, the Enforcement Directorate(ED) on Monday attached properties and bank accounts of the fugitive businessman to the tune of Rs 637 crore.
The properties and bank accounts and jewellery attached by ED belong to both in India and overseas. Two immovable properties having a total value of USD 29.99 million (Rs 216 crore) and beneficially owned by Nirav Modi in New York, have also been attached by ED under section 5 of Prevention of Money Laundering Act. Additionally, five overseas bank accounts belonging to Nirav Modi having a total balance of Rs 278 Crores has also been attached by the probe agency. Rs.22.69 crore worth diamond studded jewellery attached at Hong Kong. A flat in South Mumbai worth Rs 19.5 Crore is also attached.
Nirav Modi has been absconding since the alleged Punjab National Bank fraud case, by far the highest in the country in terms of value, came to light early this year and an Interpol arrest warrant was recently notified against him even as India is working to get him extradited from the United Kingdom, where he was last reported to have been based. (PenNews with input from UNI)