NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Supreme Court Of India
    Central Bureau Of Investigation (CBI)
    Indian Army
    Indian Railways
    Indian Air Force
    NewsBytes
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / India News / ED seizes Nirav Modi's Rs. 255cr-worth assets in Hong Kong
    India

    ED seizes Nirav Modi's Rs. 255cr-worth assets in Hong Kong

    ED seizes Nirav Modi's Rs. 255cr-worth assets in Hong Kong
    Written by Garima Bora
    Oct 25, 2018, 05:42 pm 2 min read
    ED seizes Nirav Modi's Rs. 255cr-worth assets in Hong Kong
    Credits

    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.

    Share this timeline
    Facebook
    Whatsapp
    Twitter
    Linkedin
    Latest
    Hong Kong
    Enforcement Directorate (ED)
    Punjab National Bank
    United Kingdom

    Latest

    Graham Reid steps down as Indian men's hockey team coach Indian Hockey Team
    Kate Winslet inspired Kareena Kapoor's character in Hansal Mehta's next Bollywood
    Infinix Note 12i now available for purchase: Should you buy? Infinix Mobile
    Toyota Urban Cruiser Hyryder CNG launched at Rs. 13.2 lakh Toyota Urban Cruiser Hyryder

    Hong Kong

    China may witness over 1 million COVID-19 deaths in 2023 China
    China administers over 1 million COVID-19 vaccine doses a day China
    'Golden era' of UK-China ties over, says PM Rishi Sunak United Kingdom
    Control over Hong Kong, determined on Taiwan: China President Jinping Xi Jinping

    Enforcement Directorate (ED)

    TV actor Chahatt Khanna claims Sukesh Chandrasekhar proposed to her Money Laundering Case
    Nora Fatehi took money to buy house, claims Sukesh Chandrasekhar   Sukesh Chandrasekhar
    BBC Modi documentary: Opposition slams 'censorship'; shares alternative documentary links BBC
    Sukesh Chandrasekhar made my life hell: Jacqueline Fernandez tells authorities Jacqueline Fernandez

    Punjab National Bank

    Nirav Modi's plea against extradition rejected by British court Nirav Modi
    Dominica withdraws illegal entry case against fugitive Mehul Choksi Nirav Modi
    Fugitive diamantaire Mehul Choksi says he may be kidnapped again PNB Scam
    Nirav Modi's plea on dismissing fraud allegations rejected by court New York City

    United Kingdom

    Putin threatened with missile strike before Russia-Ukraine war: Boris Johnson Boris Johnson
    UK: PM Rishi Sunak fined for not wearing seatbelt; apologizes Rishi Sunak
    Future is here: World's largest hydrogen-electric aircraft completes maiden flight Technology
    BBC documentary on PM Modi propaganda, continues colonial mindset: MEA BBC

    Love India News?

    Subscribe to stay updated.

    India Thumbnail
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2023