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ED attaches Nirav Modi’s properties

ED attaches Nirav Modi’s properties
Highlights

The Enforcement Directorate on Tuesday attached properties worth Rs 14772 crore of fugitive diamantaire Nirav Modi and his companies, officials saidThe attached movable and immovable properties are located in Mumbai and Surat in Gujarat, and have a market value of Rs 147,72,86,651The properties comprise eight cars plant and machinery consignments of jewellery paintings and some buildings, t

New Delhi: The Enforcement Directorate on Tuesday attached properties worth Rs 147.72 crore of fugitive diamantaire Nirav Modi and his companies, officials said.The attached movable and immovable properties are located in Mumbai and Surat in Gujarat, and have a market value of Rs 147,72,86,651.The properties comprise eight cars; plant and machinery; consignments of jewellery; paintings and some buildings, they said.

The properties are owned by Modi, who is an accused in the over Rs 13,000-crore PNB scam, and his group of companies namely Firestar Diamond International Private Limited, Firestar International Private Limited, Radheshir Jewelry Company Private Limited and Rhythm House Private Limited, an official said. The properties were attached by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act (PMLA), 2002.

Investigation revealed that substantial proceeds of crime obtained fraudulently by the Nirav Modi-owned group of firms Solar Exports, Stellar Diamonds and Diamond RUS from the Punjab National Bank (PNB) were diverted to him, his relatives and entities controlled by him.

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