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Thursday, August 06, 2020

PNB scam: ED confiscates assets worth Rs 329 crore from Nirav Modi under fugitive law

The agency said that a special court in Mumbai had declared Modi a fugitive economic offender on December 5, 2019 and on June 8 directed the ED to confiscate assets worth Rs 1396 crore of Modi.

By: Express News Service | Mumbai | Updated: July 8, 2020 6:56:01 pm
nirav modi, nirav modi pnb scam, pnb scam nirav modi mehul choksi, ed probe pnb scam The 49-year-old fugitive jeweller is a key accused in the Rs 13,600 crore Punjab National Bank (PNB) fraud. (File photo)

The Enforcement Directorate (ED) on Wednesday confiscated properties worth Rs 329.66 crore of fugitive diamond trader Nirav Modi under the Fugitive Economic Offenders Act, 2018 (FEOA).

The ED in a statement said the confiscated properties of Modi include four flats at the iconic building Samudra Mahal in Worli, in Mumbai; a seaside farm house and land in Alibaug; a wind mill in Jaisalmer; a flat in London; residential flats in the UAE and shares and bank deposits.

The agency said that a special court in Mumbai had declared Modi a fugitive economic offender on December 5, 2019 and on June 8 directed the ED to confiscate assets worth Rs 1396 crore of Modi.

“The Hon’ble Court further directed consortium to approach PMLA (Prevention of Money Laundering Act) special Court under Section 8(8) to claim the mortgaged/hypothecated and secured properties, which were attached by ED,” said the ED

The ED has found that Modi’s assets worth Rs 1000 crore is “prima facie covered under mortgage”. Apart from this, the Bombay High Court has directed the ED to keep the Rs 45 crore it raised from the sale of Modi’s paintings in a fixed deposit till the court passes an order.

“Further process for confiscation of remaining attached properties under FEOA has also been taken up. In this case, ED has attached properties (assessed value: Rs 2348 Crore) of Nirav Modi under Prevention of Money Laundering Act, 2002,” said the ED.

Modi is accused of routing transactions of about Rs 15600 crore through fraudulent LoUs of Punjab National Bank (PNB). He left India in first week of January 2018, before the PNB scam came out in public. Modi has been arrested in the United Kingdom and is currently facing extradition proceedings. The UK court is scheduled to hear the case in September.

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