ED attaches properties of Nirav Modi and his companies worth Rs 148 crore to case

By

Isabelle Crossley

Published
Feb 27, 2019

The Enforcement Directorate (ED) has attached properties belonging to Nirav Modi and his businesses worth Rs 147.72 crore ($22.2 million) as the fugitive jewellery tycoon still has not returned to India to stand trial.

In connection with its ongoing probe into the Punjab National Bank fraud case, the ED has attached a number of properties under the Prevention of Money Laundering Act 2002. The agency released a statement reporting the development. 

"The ED has provisionally attached movable and immovable properties located in Mumbai and Surat, having market value of Rs 147.72 crore consisting of eight cars, plant and machinery, consignments of jewellery, paintings and immovable property, owned by Nirav Modi and his group companies, namely Firestar Diamond International Private Limited, Firestar International Private Limited, Radheshir Jewelry Company Private Limited and Rhythm House Private Limited," read the statement.

The ED adds these properties to previously attached properties including gold, diamonds, jewellery, and other valuables totalling around Rs 489.75 crore as well as properties in both India and abroad worth Rs 1,725.36 crore. The total amount the PNB has reported that the fraud totals exceeds Rs 13,500 crore of which it accuses Modi and his uncle and fellow jeweller Mehul Choksi. To date, around Rs 4,765 crore worth of properties have been attached to the case belonging to Modi and Choksi.