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PNB fraud: ED attaches Nirav Modi group property worth ₹523 crore

The value of the assets seized by the ED in this case so far stands at nearly ₹6,400 crore.

February 24, 2018 02:17 pm | Updated March 10, 2018 10:43 am IST - Mumbai/New Delhi

The Samudra Mahal Building which houses the residence of Nirav Modi, in Mumbai. File

The Samudra Mahal Building which houses the residence of Nirav Modi, in Mumbai. File

The Enforcement Directorate on Saturday provisionally attached 21 immoveable assets of the Nirav Modi group as part of its action against the diamond trader and his uncle, Mehul Choksi, in connection with the ₹11,500-crore fraudulent Letters of Undertaking case.

Senior ED officials said 21 properties registered in the name of Mr. Modi and his firms in various parts of Maharashtra were provisionally attached under the Prevention of Money Laundering Act (PMLA), 2002, on Saturday.

The Act empowers the investigating agency to attach assets of the accused to reimburse the complainant for losses sustained.

The properties include a penthouse and a flat in the Samudra Mahal building in Worli, and a farmhouse on an acre-and-a-half of land in Alibaug, earlier sealed by the Central Bureau of Investigation.

“We have provisionally attached 135 acres of land and a 53-acre solar power plant in the Karjat area in Ahmednagar,” an ED officer said.

The properties sealed include 10 offices, including two in Lower Parel worth around ₹80 crore, six houses and two flats in Pune, all of which are registered in Mr. Modi’s name, in the name of his family members or companies or the Nirav Modi Trust.

Worth ₹523.72 crore

“The market value of the assets attached on Saturday comes up to ₹523.72 crore,” the officer added.

The ED has seized assets worth ₹6,393 crore in the case, including a large number of precious stones and high-end luxury cars.

Mr. Modi, his wife, Ami, and Mr. Choksi have been issued fresh summonses, asking them to be present for inquiries by or before February 26.

The CBI and the ED have registered two FIRs. Both Modi and Choski are said to have left the country before the criminal cases were lodged against them.

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