A Diamantaire Is Not Forever: Rs 637 Crore Worth Property, Jewellery Belonging To Nirav Modi Seized By ED

Enforcement Directorate (ED) has said that they have successfully seized properties belonging to fugitive jeweller Nirav Modi worth Rs 637 crore. This includes high-priced jewellery, luxury apartments and bank accounts spread across four countries.

Nirav Modi has been wanted by the Indian government for committing a fraud of Rs 13,000 crore where he used fake guarantees in the name of Punjab National Bank (PNB) to extract loans overseas. Indian agencies generally do not involve themselves in operations abroad, especially with regard to seizing properties, so the Nirav Modi case is an exception.

Diamond jewellery worth Rs 22.69 crore has been bought from Hong Kong to India in over 23 shipments, reported NDTV. ED was successfully able to persuade the private company, which treasured all the jewels in their vault to submit the belongings to the Indian government.

An apartment worth Rs 57 crore has been taken over in London, which belonged to Nirav’s sister Purvi. Two other apartments worth Rs 216 crore in New York have been seized. The money had been layered extensively and stacked away in locations like Bahamas, USA, Singapore and Dubai. A flat in Mumbai worth Rs 19.5 crore has also been attached in the file.

Five bank accounts with Rs 278 crore are a part of the seize. An investment company’s bank account registered in British Virgin Island worth Rs 44 crore has also been taken over.