Nirav Modi case: new assets attached including wind farm
The Enforcement Directorate (ED) has attached yet more of the jewellery tycoon Nirav Modi’s assets as part of the Punjab National Bank (PNB) fraud case and now an Rs 52.8 crore ($7.93 million) wind farm has been added.
On May 30, the ED announced that, after seizing a number of Modi’s assets previously in the week, it has now added a wind farm to the list of assets. The wind farm, located in Jaisalmer, Rajasthan, is owned by Nirav Modi's family and the ED has valued it at Rs 52.8 crore.
A provisional order for attachment for the wind farm was made under the Prevention of Money Laundering Act (PMLA). The order asks for the freezing of the 9.6 MW-power capacity wind farm that includes multiple wind power units.
The wind farm is owned by Ms Solar Exports, Ms Stellar Diamonds, Ms Diamond R US, and Ms Neeshal Merchandising Private Limited. Three of the businesses, Ms Solar Exports, Ms Stellar Diamonds, and Ms Diamond R US, are involved in the fraud case as letters of undertaking (LoUs) were issued to them by the PNB and it is believed that the LoUs were issued fraudulently.
So far, a total of Rs 691 crore of Nirav Modi’s assets have been attached to the case by the ED. The first charge sheet for the case was filed against Modi, who has still not returned to India, on May 24 at a special court in Mumbai.
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