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. 

Also Read: ED Seizes Assets Worth 255 Cr Belonging To Nirav Modi In Hong Kong


Contributors

Written by : Shubham Khairnar (Intern)

Edited by : Bharat Nayak

Related Stories

ED Attaches Bhushan Power’s Odisha Plant Worth Rs 4025 Crore In Banking Fraud Case

Punjab National Bank Fraud Bhushan Power

After Nirav Modi Scam, Punjab National Bank Reports Another Fraud Of Rs 3805 Crore

TDP MP Bank Fraud

TDP MP’s Properties Worth Rs 315 Crore Attached By ED Over Alleged Bank Fraud Case

With Cyclone Idai Killing Hundreds, Intensity Of These Storms To Escalate, Say Experts

Nirav Modi Property Seized

ED Seizes Assets Worth 255 Cr Belonging To Nirav Modi In Hong Kong

UK Court Allows Indian Banks To Sell Vijay Mallya’s Properties To Recover Bad Loans Worth $1.45 billion

Latest on The Logical Indian

News

Unnao Becomes UP’s Rape Capital: 86 Rape Cases, 185 Sexual Assaults In 2019

News

Wife Of Cop Killed In Bulandshahr: ‘It Was Planned Lynching, Colleagues Refused To Take Case Ahead’

News

Govt Data: Almost 70% Of Education Loans Given To General Category Students

Sports

India Bags 165 Medals At South Asian Games, Sits Top On Points Table

World Affairs

China’s Crumbling Banking Sector: Another Bank Falters, Around 500 Banks At Potential Risk

News

India Fifth Most Vulnerable Country To Climate Change, Recorded Highest Fatalities In 2018

x

Stories that deserve attention, delivered to your inbox!

Handpicked, newsworthy stories which deserve the attention of a rational generation.