New Delhi, Feb 26 : Enforcement Directorate (ED) has provisionally attached property worth Rs 147.72 crore of fugitive Nirav Modi in a case registered against him under Prevention of Money laundering Act (PMLA), an official release said here on Tuesday.
The seized property consists of eight cars, plant and machinery, consignments of jewellery, paintings and immovable property at Mumbai and Surat and his group companies namely Firestar Diamond International Private Limited, Firestar International Private Limited, Radheshir Jewelry Company Private Limited and Rhythm House Private Limited. The immovable properties at Surat and Mumbai were worth of Rs 147,72,86,651.
The investigation has revealed that substantial proceeds of crime obtained fraudulently by Nirav Modi owned group of firms Solar Exports, Stellar Diamonds, Diamond RUS from Punjab National Bank were diverted to Nirav Modi, his relatives and entities controlled by Nirav Modi.
The central financial probe agency had registered money laundering case against Nirav Modi and others on February 15, 2018 under the provisions of PMLA on the basis of FIR registered by Central Bureau of Investigation under sections 120-B read with 420 of IPC, 1860 read with Section 13(2) read with 13(1)(d) of Prevention of Corruption Act.
In the CBI charge sheet, it was alleged that Nirav Modi and others have committed the offence of cheating against Punjab National Bank in connivance with certain bank officials by fraudulently getting the Letter Of Understanding (LoUs) issued without following prescribed procedure and caused a wrongful loss to the bank.
The ED has several properties in India and abroad totalling to Rs 1725.36 crore were also attached earlier.
“In addition to the aforementioned attachments, gold, diamond, bullion, jewellery and other valuables worth Rs 489.75 crore belonging to Nirav Modi Group have also been seized. Prosecution complaint has been filed in this case against Mr Nirav Modi and others for the offence of money laundering”, the ED said in a statement. (UNI)