Court allows ED to confiscate Rhythm House, 38 other properties of Nirav Modi

A SPECIAL court on Wednesday allowed the Enforcement Directorate (ED) to confiscate 39 properties belonging to fugitive diamond merchant Nirav Modi under the Fugitive Economic Offenders Act. A similar order was first passed in 2020. The Act has provisions to act against those evading the process of law by fleeing from the country.

Under the Act, the court can declare a person a fugitive economic offender and subsequently also order confiscation of his properties. The properties include Rhythm House at Kala Ghoda, valuables seized from Modi’s bungalow in Alibaug and 22 cars. The ED had sought to confiscate 48 properties valued at Rs 929 crore.

Modi is currently undergoing extradition proceedings in the UK. He was booked in the alleged Rs 13,500-crore PNB fraud case, where it was claimed that companies controlled by him had benefited from issuance of fraudulent letters of undertaking from the bank.