The Enforcement Directorate ( ED) on Monday attached assets worth ₹171 crore in the Punjab National Bank case against the fugitive diamond merchant, Nirav Modi. The current market value of properties seized or attached so far in the scam was said to be more than ₹7,800 crore.
According to the agency, the new attachment order included four commercial properties worth ₹72.87 crore in Mumbai and Surat, 106 bank accounts with a balance of ₹55.12 crore, 15 Demat accounts involving ₹35.86 crore and 11 cars.
The Directorate had earlier provisionally attached 21 immovable properties belonging to Mr. Modi and his companies in February. “The present market value of these properties is ₹523.72 crore. They include six residential flats and 10 office premises in Mumbai, two flats in Pune, one farmhouse in Alibaug, a solar-power plant and 135 acres of Land in Ahmednagar’s Karjat,” said the agency.
The ED had registered the money laundering case against Mr. Nirav Modi and others on February 15.
It was alleged that Mr. Nirav Modi and others cheated the Punjab National Bank in connivance with certain bank officials by fraudulently getting the Letters Of Undertaking (LOUs) issued in favour of their three firms without putting any security and without following the prescribed procedure.
On the similar modus operandi, the CBI registered another FIR against Mr. Nirav Modi’s Mehul Choksi and others. A few days ago, the ED seized jewellery items worth Rs.85 crore of Mr. Choksi’s Gitanjali group under the Prevention of Money Laundering Act.
