Nirav Modi’s properties worth Rs 29.75 cr attached by ED in PNB case

These assets were in the form of land and building and amount lying in bank accounts. All these are being provisionally attached under the Prevention of Money Laundering Act, 2002, the agency said on Wednesday.

Earlier, the central agency attached movable and immovable assets to the tune of around Rs 2,596 crore in India and abroad belonging to Nirav Modi and his associates.

The ED’s investigation against Modi is based on the FIR registered by CBI’s BS & FC Branch, Mumbai, in the PNB fraud case under relevant sections of the IPC and the Prevention of Corruption Act.

Movable and immovable assets of Nirav Modi and his associates amounting to Rs. 692.90 crore have been confiscated under provisions of Fugitive Economic Offenders Act, 2018, by a special court in Mumbai, the ED said.

Also, assets to the tune of Rs 1052.42 crore have been successfully restored to the victim banks i.e. PNB and consortium banks and such assets were physically handed over, the ED said.

Earlier in this case, prosecution complaint and supplementary prosecution complaint under PMLA have already been filed by the ED against Nirav Modi and associated entities before a special PMLA court. Simultaneously, the extradition proceedings against Modi is under process.

Earlier this year, Nirav Modi applied for bail in a UK court and his bail was denied for the seventh time by the UK court.

An appeal was filed by Nirav Modi before UK High Court against the bail order, which was later withdrawn. Currently, he is lodged in UK jail.