PNB scam: ED attaches Nirav Modi's property of over Rs 500 crores

A Nirav Modi showroom is pictured in New Delhi. Photograph:( Reuters )

ANI New Delhi, India Feb 24, 2018, 01.02 PM (IST)

The Enforcement Directorate (ED) on Saturday provisionally attached 21 immovable properties of noted jewellery designer Nirav Modi and companies controlled by him, in connection with the 1.77 billion dollar (Rs 11,400 crores) Punjab National Bank (PNB) fraud.

As per an official release, the properties, attached as per the provisions of the Prevention of Money Laundering Act, 2002, possess a total market value of Rs 523.72 crore.

The said properties include a farm house in Alibaug, a solar power plant, 135 acres of land in Ahmednagar, along with residential and office properties in Mumbai and Pune.

The PNB detected a 1.77 billion dollar (Rs 11,400) scam earlier this month, in which noted jewellery designer Nirav Modi acquired fraudulent letters of undertaking from one of its branches for overseas credit from other Indian lenders.

Also read: MEA revokes Mehul Choksi, Nirav Modi's passports

Choksi, Modi's uncle, is also being probed for his involvement in the fraud.

PNB thereafter lodged two financial fraud complaints of Rs 11400 crore and Rs 280 crore against Nirav Modi, his family members and the owner of Gitanjali Gems.

After the case was registered, the ED and the Central Bureau of Investigation (CBI) have swung into action.

On Thursday, the Income Tax (IT) Department attached the special economic zone (SEZ) property of Mehul Choksi's Gitanjali Group in Hyderabad, sources at the department said.

As per the assessee's own valuation, the property is worth about Rs 1200 crore.Meanwhile, the ED on Friday froze assets of Nirav Modi worth Rs. 43.86 crore. 


 


 

Story highlights

The properties include a farm house in Alibaug, a solar power plant, 135 acres of land in Ahmednagar, along with residential and office properties in Mumbai and Pune