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ED Attaches Fraud Accused Nirav Modi’s Assets Worth Rs 177.02 crore In Mumbai And Surat
Nirav Modi (Raajessh Kashyap/Hindustan Times via Getty Images)
Enforcement Directorate (ED) has attached properties belonging to Nirav Modi to the tune of Rs 177.02 crore, reports ANI News.
The fugitive businessman has been involved in a Rs 14,000 crore Punjab National Bank (PNB) fraud.
In its latest sweep, ED has attached eight cars, machinery, consignments of jewellery, paintings and immovable property from Mumbai and Surat.
These provisionally-attached properties are owned by Nirav Modi and his associate companies like M/s Firestar Diamond International Private Limited, M/s Firestar International Private Limited, Radheshir Jewelry Company Private Limited and Rhythm House Private Limited.
The agency had also seized over 34,000 pieces of jewellery from Gitanjali Group which is owned by Nirav Modi's uncle and jeweller Mehul Choksi. The price of the seized jewellery is estimated at Rs 85 crore.
Biggest Scam In Indian Banking History
Jeweller and designer Nirav Modi, his wife Ami Modi, brother Nishal Modi and uncle Mehul Choksi and others together allegedly cheated the state-run PNB of Rs 14,356.84 crore via the illegal issue of Letters of Understanding (LoUs). This scam was carried out in connivance with a few PNB employees.
Nirav Modi and other accused have since then fled the country.
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