The Directorate of Enforcement (ED) has intensified its crackdown on Nirav Modi, the fugitive diamond merchant involved in the Punjab National Bank (PNB) fraud case. The agency has attached assets worth Rs 29.75 crore belonging to Nirav Modi and his group of companies. These attached assets include immovable properties and bank balances.
This recent attachment adds to the previously attached assets valued at Rs 2,596 crore located in India and abroad. In addition, a Special Court in Mumbai has already confiscated assets worth Rs 692.90 crore under the Fugitive Economic Offenders Act, 2018.
The ED investigation into the PNB fraud case was initiated following an FIR by the Central Bureau of Investigation (CBI). The investigation resulted in the identification and attachment of several domestic assets belonging to Nirav Modi and his associates under the Prevention of Money Laundering Act (PMLA), 2002.
Moreover, the ED has successfully restored assets worth Rs 1,052.42 crore to the PNB and other consortium banks affected by the fraud.
Chargesheets have been filed against Nirav Modi and associated entities.
Meanwhile, extradition proceedings are ongoing in London, UK, where Nirav Modi is currently lodged in jail after his bail was denied for the seventh time.
Source: India Today