Enforcement Directorate intensifies efforts to pursue Nirav Modi
The ED has increased its efforts to pursue Nirav Modi, the absconding diamond trader in the PNB fraud case.
The organization has seized properties amounting to Rs 29.75 crore owned by Nirav Modi and his companies. These connected assets consist of real estate properties and funds in bank accounts.
This new addition increases the total value of attached assets to Rs 2,596 crore spread across India and other countries. Furthermore, assets totaling Rs 692.90 crore have been seized by a Special Court in Mumbai in accordance with the Fugitive Economic Offenders Act, 2018.
The ED began investigating the PNB fraud case after receiving an FIR from the CBI. The inquiry led to the discovery and seizure of numerous assets within India owned by Nirav Modi and his associates as per the Prevention of Money Laundering Act (PMLA), 2002.
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Additionally, the ED has managed to return assets totaling Rs 1,052.42 crore to the PNB and other consortium banks impacted by the scam.
Legal documents have been submitted accusing Nirav Modi and related parties.
Nirav Modi currently lodged in UK prison
At the moment, extradition processes are being carried out in London, UK, with Nirav Modi being held in prison after his bail request was rejected for the seventh time.
