Nirav Modi’s assets worth Rs 326.99 crore confiscated under fugitive economic offenders act: ED

By: |
Updated: Jul 08, 2020 6:15 PM

Nirav Modi and his uncle Mehul Choksi among others are being probed by the ED on money laundering charges in connection with an over USD 2 billion alleged bank fraud at a PNB branch in Mumbai.

Nirav Modi is currently lodged in a UK jail.

The Enforcement Directorate (ED) on Wednesday said it has confiscated assets worth Rs 329.66 crore of diamond merchant Nirav Modi under the fugitive economic offenders law.

The businessman and his uncle Mehul Choksi among others are being probed by the ED on money laundering charges in connection with an over USD 2 billion alleged bank fraud at a PNB branch in Mumbai.

“The confiscated properties are in the form of four flats at the iconic building Samudra Mahal in Worli Mumbai, a sea-side farm house and land in Alibaug, a wind mill in Jaisalmer, a flat in London and residential flats in UAE, shares and bank deposits,” the central probe agency said in a statement.

A special court in Mumbai had on June 8 authorised the ED to confiscate the assets.

Nirav Modi was declared a fugitive economic offenders by the same court on December 5 last year.

“The ED has attached the properties worth Rs. 329.66 crore under the FEO Act, 2018 which now stands confiscated to central government,” it said.

The agency till now has attached assets worth Rs 2,348 crore of Nirav Modi under the Prevention of Money Laundering Act (PMLA).

Nirav Modi (49) is currently lodged in a UK jail after being arrested in London in March, 2019 and is currently fighting extradition to India.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1‘Why no Bharat Ratna for Savarkar?’ Shiv Sena hits back as BJP questions Uddhav’s silence
2Supreme Court turns down Tamil Nadu’s plea seeking 50% OBC quota in state-run medical colleges
3‘Will send him to jail’: Chirag Paswan promises to probe corruption by Nitish Kumar