New Delhi: The Enforcement Directorate (ED) on Wednesday said that it has provisionally attached fresh assets worth Rs. 29.75 crore belonging to fugitive businessman Nirav Modi in its ongoing investigation into the 6498 crore Punjab National Bank loan fraud case.
Attached assets have been identified as proceeds of crime: ED
The ED, in a release, said that its Mumbai zonal office has provisionally attached the proceeds of crore amounting to Rs 29.75 crore and the assets, which have been identified as the proceeds of crime, are in the form of immovable properties and bank balances of fugitive businessman Nirav Modi, who is currently lodged in a jail in the United Kingdom (UK) after his arrest there in 2019.
Nirav Modi, his uncle Mehul Choksi are prime accused in PNB fraud case
Nirav Modi and his uncle Mehul Choksi are prime accused in the PNB fraud case and the ED is investigating the money laundering case arising from a case registered by the Central Bureau of Investigation (CBI). They are accused of perpetrating bank fraud in connivance with the bank officials. Nirav Modi was declared a fugitive economic offender by a PMLA court in Mumbai in December 2019.
ED earlier attached Nirav Modi’s assets worth Rs. 2596 crore in India and abroad
The ED had earlier attached assets of Nirav Modi and associates to the tune of around Rs. 2596 crore in India and abroad and assets worth Rs. 692.90 crore belonging to Nirav Modi have been confiscated on the orders of the court under the provisions of Fugitive Economic Offenders Act, 2018 by Special Court (FEOA). Assets worth Rs 1052.42 crore have been restored to the Punjab National Bank and consortium banks.
The ED initiated its investigation in the Rs 6498 crore PNB fraud case on the basis of a First Information Report (FIR) by the Central Bureau of Investigation (CBI) under relevant sections of the Indian Penal Code (IPC) and Prevention of Corruption Act.
The ED has filed prosecution complaint (charge sheet) and supplementary prosecution complaint under PMLA, 2002 against Nirav Modi and associated entities before a special PMLA court.
What did the ED say?
“During course of investigation, assets worth Rs. 29.75 Crore of Nirav Modi & his group of companies lying in India were identified in the form of land & building and amount lying in bank accounts, which are being provisionally attached under PMLA (Prevention of Money Laundering Act), 2002. During the PMLA investigation, earlier ED had attached movable and immovable assets of Nirav Modi and associates to the tune of around Rs. 2596 Crore in India and abroad,” the ED said in a statement.
The ED has further said, “Furthermore, movable and immovable assets of Nirav Modi and his associates amounting to Rs. 692.90 Crore, have been confiscated under provisions of Fugitive Economic Offenders Act, 2018 by Special Court (FEOA), Mumbai. Also, assets to the tune of Rs. 1052.42 Crore have been successfully restored to the victim banks i.e. PNB and consortium banks and such assets were physically handed over.”
Extradition proceedings against Nirav Modi are currently under progress in London
The extradition proceedings against Nirav Modi have also been initiated and are under progress in London, UK. Nirav Modi earlier this year applied for bail in a court in the United Kingdom and the UK court denied him him bail for the seventh time. Nirav Modi challenged the order of denial of bail to him before United Kingdom High Court, however, he later withdrew his bail plea, the ED said.
