New Delhi: In a significant action against fugitive diamond service provider Nirav Modi, the Enforcement Directorate on Friday attached gems, jewelery and bank deposits price Rs 253.62 crore from some Hong Kong-based corporations as a part of a cash laundering probe.
Some belongings of the Nirav Modi group of corporations in Hong Kong have been recognized within the type of gems and jewelery mendacity in non-public vaults and bank balances in accounts maintained there and these have been provisionally attached below sections of the Prevention of Money Laundering Act (PMLA), the federal investigation company mentioned in an announcement.
The quantity held in banks is USD 30.98 million and Hong Kong greenback 5.75 million, which is equal to Rs 253.62 crore (as on July 22, 2022), it mentioned.
Nirav Modi, 51, is at the moment lodged in a British jail and has misplaced his extradition plea to India in reference to the USD 2-billion PNB fraud case which can be being investigated by the CBI. The ED mentioned the extradition proceedings are within the “final stage in London, United Kingdom.”
It mentioned that with the most recent seizure, the full asset seizure against Nirav Modi stands at Rs 2,650.07 crore. “Moveable and immovable assets of Nirav Modi and his associates amounting to Rs 1,389 crore have also been seized under the provisions of the Fugitive Economic Offenders Act, 2018 on the orders of a special court in Mumbai,” the assertion mentioned. .
Some of the seized properties have already been bodily handed over to sufferer banks, the company added. Nirav Modi and his uncle Mehul Choksi, each prime accused within the case, are being investigated by the ED together with others on prices of cash laundering for allegedly perpetrating a fraud in connivance with bank officers and by issuing fraudulent letters of enterprise (LoUs) on the Brady House Punjab National Bank (PNB) department in Mumbai.
He (Modi) was declared a fugitive financial offender by a Mumbai PMLA court docket in December 2019. He was arrested in London the identical yr.