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- Published: July 8, 2020 19:15
New Delhi: The Enforcement Directorate (ED) on Wednesday confiscated assets worth Rs 329.66 crore belonging to absconding jeweller Nirav Modi under the fugitive economic offenders law.
“The confiscated properties are in the form of four flats at the iconic building Samudra Mahal in Worli Mumbai, a sea-side farm house and land in Alibaug, a wind mill in Jaisalmer, a flat in London and residential flats in UAE, shares and bank deposits,” the central probe agency said in a statement.
A special court in Mumbai had on June 8 authorised the ED to confiscate the assets. Nirav Modi was declared a fugitive economic offenders by the same court on December 5 last year.
Rs 2,348 crore of Nirav Modi’s properties attached till now
“The ED has attached the properties worth Rs. 329.66 crore under the FEO Act, 2018 which now stands confiscated to central government,” it said.
The agency till now has attached assets worth Rs 2,348 crore of Nirav Modi under the Prevention of Money Laundering Act (PMLA).
Last month, the ED had brought valuables worth over Rs 1,350 crore belonging to Modi and his uncle Mehul Choksi, another accused in the PNB scam, back to India from UAE and Hong Kong.
Nirav Modi, uncle Choksi face ED heat
Nirav Modi, 48, and his uncle Mehul Choksi, 60, are accused in a scam involving fake guarantees in the name of state-run Punjab National Bank (PNB) to secure overseas loans. Both fled India in 2018, before the Central Bureau of Investigations began investigations.
Both the businessmen are being investigated by the Enforcement Directorate under the Prevention of Money Laundering Act.
Nirav Modi (49) is currently lodged in a UK jail after being arrested in London in March, 2019 and is currently fighting extradition to India.