Nirav Modi, who allegedly pulled off a whopping Rs 13,000 crore scam at the Punjab National Bank (PNB) in collusion with bank’s employees, is now at the center of a multi-agency probe. The PNB scam arguably dented the anti-corruption image of the Narendra Modi government when it came to light on February 14 earlier this year.
As Nirav Modi fled the country even before the scam was uncovered, the Enforcement Directorate is seeking to attach his domestic and overseas assets as per the Prevention of Money Laundering Act (PMLA).
The ED on Tuesday sent a request to the UAE for attachment of 11 properties of Nirav Modi and his group company Firestar Diamond FZE worth Rs 56.8 crore, IANS reported.
In the Monsoon Session of the Parliament, the lawmakers passed the Fugitive Economic Offenders Bill, which is been tailor-made to deal with cases like Nirav Modi and Vijay Mallya. The act now allows courts to order the seizure of properties of financial criminals who escape the country to evade legal proceedings.
News agency IANS reported that the ED has sought attachment of the assets by UAE authorities under the Prevention of Money Laundering Act by sending a provisional attachment order in the form of Letters Rogatory.
So far, Nirav Modi’s properties worth Rs 4,800 crore have already been attached. Last month, the financial probe agencies attached assets worth Rs 255 crore in India and sought the seizure of Rs 218 crore worth of properties from abroad.