Home Uncategorised PNB fraud case: Enforcement Directorate seizes Rs 329 cr belongings of Nirav...

PNB fraud case: Enforcement Directorate seizes Rs 329 cr belongings of Nirav Modi in India, UAE and United Kingdom | Firms Information


New Delhi: The Enforcement Directorate (ED) on Wednesday (July 8) hooked up houses of diamond service provider Nirav Modi totalling Rs 329.66 crore, below the Fugitive Financial Offenders Act 2018 (FEOA).

Those confiscated houses come with 4 residences on the iconic construction Samudra Mahal in Worli Mumbai, one seashore farmhouse and land in Alibaug, Wind Mill in Jaisalmer, flat in London and home residences in UAE, stocks and financial institution deposits.

Nirav Modi and his uncle Mehul Choksi, amongst others, are being probed through the ED on cash laundering fees in reference to alleged financial institution fraud of Rs 14,000 crore at Punjab Nationwide Financial institution (PNB) department in Mumbai.

On July 10, 2018, the ED had filed an utility sooner than FEO particular court docket to claim Nirav Modi a fugitive financial culprit and confiscate his houses, valued at Rs 1396 crore approx. 

The particular court docket’s order on December 5, 2019, declared Nirav Modi a fugitive financial culprit, and on June 8, 2020, directed the ED to connect the properties- rather than houses mortgaged/hypothecated and secured to PNB led consortium,  belonging to Nirav Modi and his corporations. 

The court docket ordered that when attachment the mentioned houses shall stand confiscated to Central executive below segment 12(2) and (8) of the Fugitive Financial Offenders Act, 2018. 

The court docket additional directed consortium to way PMLA Spl Court docket below Segment 8(8) to assert the mortgaged/hypothecated and secured houses, that have been hooked up through the ED. The houses hooked up to be price Rs 1000 crore are prima facie coated below loan and many others.

The Bombay Top Court docket had additionally directed that sale proceeds of art work (Rs 45 crore approx.) as FD until additional order. Accordingly, the ED has hooked up the houses price Rs 329.66 crore below FEO Act, 2018. The method for confiscation of final hooked up houses below FEOA has additionally been taken up. 

On this case, the ED has hooked up houses price Rs 2348 crore of Nirav Modi below Prevention of Cash Laundering Act.

Lately, Nirav Modi is in a London prison after his arrest in March 2019, whilst Mehul Choksi has taken citizenship of the Caribbean island country of Antigua & Barbuda.



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