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PNB fraud: ED provisionally attaches Nirav Modi’s assets worth Rs 170 cr


Mangalore Today News Network

Mumbai, May 21, 2018 : The Enforcement Directorate (ED) on Monday provisionally attached assets worth over Rs 170 crore of fugitive diamond jeweller Nirav Modi in connection with the Rs 13,400 crore fraudulent transactions at state-owned Punjab National Bank (PNB).

 

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The provisional attachments have been done under the stringent Prevention of Money Laundering Act (PMLA) and will have to be confirmed by the adjucating authority.

The attached assets of Modi include four properties owned by Modi’s firms Firestar International Pvt Ltd and Paundra Enterprises Pvt Ltd in Mumbai and Surat worth Rs 72 crore. Out of these four, the most expensive property attached by the agency includes the HCL House in Andheri in suburban Mumbai priced at a fair market value of around Rs 63 crore.

Apart from this, the ED has attached 108 bank accounts of Modi, his brother Neeshal Modi and their firms in various private and public sector and co-operative banks such as Union Bank, Axis Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank and The Surat Peoples Co-op Bank Ltd among others. The total money attached through these bank accounts is Rs 58 crore.

The agency has also attached investments of Rs 35 crore by Modi, his firm Camelot Trading Pvt Ltd and ANM enterprises Pvt Ltd in shares of listed companies such as Sun Pharma, Ambuja Cements, PNB Housing Finance, Power Grid Corporation of India, Reliance Industries, Jyothy Laboratories, IRB Infrastructure Developers, Torrent Pharmaceuticals and a few mutual funds.

The ED has also provisionally attached 11 vehicles worth Rs 4.01 crore owned by firms of Modi. Some of these include a Rs 1.90 crore Rolls Royce-Ghost owned by Firestone International Pvt Ltd, Rs 78 lakh Porsche AG belonging to Firestar International, two Mercedes Benz owned each by Modi and Camelot Enterprises.

Modi and his maternal uncle Mehul Choksi have come under the scanner of multiple agencies such as the CBI, DRI and Income tax department in connection with the alleged fraudulent Letters of Undertaking (LoUs) issued through PNB. Both left India in January, a few weeks before the scam at PNB broke. Both left India in January, a few weeks before the scam at PNB broke. While Choksi is known to residing in the US, Modi is currently learnt to be in the UK.

In March the ED had provisionally attached 21 properties now worth Rs 523 crore of Modi and his associated firms. The agency, sources said, is likely to file its first complaint in case of Modi this week. The agency is also planning to move court seeking confiscation of Modi’s properties under The Fugitive Economic Offenders Bill, 2017.

Last week, the agency had seized 34000 pieces of jewellery valued at Rs 85 crore from the Dubai subsidiary of Gitanjali Group controlled by Choksi.


courtesy:IE


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