Problems Escalate For Nirav Modi As ED Attaches Properties Worth Rs 147 Crore
The Logical Indian Crew India
February 27th, 2019 / 5:01 PM
Image Credits: Zee News.com
Problems escalate for diamond merchant Nirav Modi who has been on a run since been charged with allegations of criminal breach of trust, money laundering, embezzlement and breach of contract in the Rs 13,000 crore the Punjab National Bank (PNB) scam. According to the Financial Express, the Enforcement Directorate, on Tuesday attached additional properties worth Rs 147.72 crore of the fugitive and his companies.
What is the case against Nirav Modi
The Enforcement Directorate (ED) had earlier registered a money laundering case against Modi and others on the basis of an FIR registered by the Central Bureau of Investigation (CBI). The case was filed on February 15, 2018, under the provisions of Prevention of Money Laundering Act (PMLA), 2002. He was also accused of cheating in connivance with certain bank officials by fraudulently getting Letter of Undertakings that were issued in the wrong way, costing wrongful loss to the bank.
How much property has been seized till now
A total of Rs 1,752.36 crore worth properties were attached earlier of Nirav Modi. In addition, Rs 489.75 crore worth gold, diamond, bullion, jewellery were also confiscated. More properties worth Rs 147.72 crore have come into light as per the investigation of ED. The properties are located in Mumbai and Gujarat and comprise of eight cars, plants, machinery, jewellery and paintings. The properties have been seized under the Prevention of Money Laundering Act (PMLA), 2002. The Investigation revealed that the companies (Solar Exports, Stellar Diamonds and Diamond RUS) owned by Nirav obtained money fraudulently from the Punjab National Bank (PNB) and were diverted to him, his relatives and entities controlled by him.
Written by : Shubham Khairnar (Intern)
Edited by : Bharat Nayak