ED attaches 11 of Nirav Modi's Dubai properties to PNB fraud case
today Nov 8, 2018
The Enforcement Directorate has attached 11 properties owned by the fugitive jewellery tycoon Nirav Modi to the case, it said on Tuesday. The properties are located in Dubai and worth Rs 56.8 crore ($7.79 million).
In connection with the fraud case issued against Nirav Modi for allegedly being an instrumental part of defrauding the Punjab National Bank (PNB) out of over Rs 13,500 crore ($2 billion), 11 properties owned by Modi himself and his business M/s Firestar Diamond FZE have been attached to the case by the ED. The properties were valued by the ED and provisionally attached as assets of the accused under the Prevention of Money Laundering Act (PMLA).
The Press Trust of India reported that the ED described the assets as pertaining to: “Modi and his group company M/s Firestar Diamond FZE.” The agency stated that the assets “bear a market value of USD 7.79 million, which is equivalent to Rs 56.8 crore".
These assets have been attached to the case against Modi on top of another set of assets valued at Rs 637 crore that the ED added last month. These include Modi’s two apartments in New York’s Central Park.
The assets have been provisionally attached and the next step is for the ED to legally formalise the attachment of these assets with a Mumbai court, where the case is registered. This must be coordinated with authorities in Dubai. Once formalised, seized assets can be frozen.
Modi is currently believed to be residing in the UK and Indian authorities are working on negotiations for his extradition to India. Modi’s Uncle and fellow accused, Mehul Choksi, is also refusing to return to India as requested and is residing in Antigua and Barbuda.
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