ED Seizes Assets Worth 255 Cr Belonging To Nirav Modi In Hong Kong
October 26th, 2018 / 5:00 PM
Image Credits: NDTV
Properties worth Rs 255 crore were identified by the Enforcement Directorate in Hong Kong which belongs to the absconding businessman Nirav Modi. In a setback to the businessman, these jewellery and other valuables have been attached in connection with the alleged Punjab National Bank fraud.
With this, the total attached value in this fraud case has increased to about Rs 4,744 crore.
According to FirstPost, a senior ED official said that the financial probe agency has been working with other foreign agencies. This helped them to identify and attach foreign properties of Nirav Modi from different locations around the world.
The ED has issued a provisional order under the Prevention of Money Laundering Act (PMLA) for these assets. A court issued order will soon be sent to Hong Kong, to begin with, the formal procedure of seizing the assets.
The ED said, “The said valuables were exported through 26 shipments by Dubai based companies of Nirav Modi to the Hong Kong-based companies controlled by him after the registration of the case (PNB money laundering) in India.”
Fraud of about Rs 11,380 cr
In February this year, a fraud at PNB came to light when Punjab National Bank informed the BSE that it had detected “fraudulent and unauthorized transactions” worth Rs 11,380 crore at a branch in South Mumbai.
Few officials of the bank had issued fraudulent Letters of Undertaking to Nirav Modi’s companies. Modi and his uncle Mehul Choksi are accused and absconding from the country.
Meanwhile, Nirav Modi has been hiding overseas in order to escape criminal charges against him. He was last seen in the UK and India is currently working on getting him extradited from the country. An Interpol arrest warrant against him has also been filed.
Written by : Nimisha Bansal (Intern)
Edited by : Shraddha Goled