ED attaches 170 crore rupees of Nirav Modi's assets in PNB fraud case

By

Isabelle Crossley

Published
May 22, 2018

The Enforcement Directorate (ED) has now attached assets of the fugitive jewellery tycoon Nirav Modi worth 170 crore rupees (approximately 25.6 million US dollars) after seizing assets from his uncle Mehul Choksi last week.

Case officials reported that, on May 21, following the Prevention of Money Laundering Act (PMLA), the ED seized more of Modi’s assets as part of the PNB fraud case. The assets include several bank accounts, immoveable assets, and shares held by Modi himself as well as his businesses and associates.

Neither Modi nor Choksi have returned to India to stand trial as instructed and are thought to be in the US. Other family members have been summoned by the ED: Modi’s father, brother, sister, brother in law, and US-based business partner.

This latest development is part of the ongoing fraud case at the Punjab National Bank (PNB) where both Modi and Choksi are accused of the biggest fraud in India’s history totalling more than 13,000 crore rupees (approximately two billion dollars). The case has now become a global one with Modi’s businesses in America and the Middle East also under investigation.