ED seizes Nirav Modi's Rs. 255cr-worth assets in Hong Kong
The Enforcement Directorate (ED) today said it has attached valuables and jewelry worth Rs. 255 crore in Hong Kong of diamond jeweler Nirav Modi in connection with the alleged $2 billion fraud in Punjab National Bank (PNB). The agency said it has issued a provisional order under the Prevention of Money Laundering Act (PMLA) for attachment of these assets. Here's more.
Valuables exported through 26 shipments by Modi's Dubai-based companies: ED
The Enforcement Directorate, in a statement, 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." These valuables, diamonds, and jewelry were lying in a logistics company vault in Hong Kong, the agency said.
Here is what ED said about the shipments
"Details like value, consignee, shipper, ownership among others of these shipments were obtained during the investigation and after gathering the evidences of ownership and value of the goods, the same have been attached," the ED said.
Attached assets in the case worth about Rs. 4,774cr: ED
The agency further said that the value of the attached assets is $34.97 million or about Rs. 255 crore at present. A court issued order will soon be sent to Hong Kong to formalize the PMLA attachment order, they said. With this latest order, the total attachment in this case against the absconding diamantaire is about Rs. 4,744 crore.
Nirav Modi's bank fraud broke headlines in India and worldwide
Nirav Modi has been absconding since the alleged bank fraud, by far the highest in the country in terms of value, came to light early this year. An Interpol arrest warrant has been notified against him even as India is working to get him extradited from the United Kingdom, where he was last reported to have been based.
Nirav and others cheated PNB to tune of Rs. 13,000cr
The ED has also filed a charge sheet against Nirav alleging he laundered over Rs. 6,400cr of bank funds abroad to dummy companies that were under his and his family's control. The fraud came to light this year following a complaint by the PNB that Modi, his uncle Mehul Choksi, and others had allegedly cheated the bank to the tune of over Rs. 13,000cr.