ED seizes assets worth Rs 29.75 crore in fugitive Nirav Modi’s PNB scam case

New Delhi [India]September 11 (ANI): The Enforcement Directorate (ED) has seized proceeds of crime in the form of immovable properties and bank deposits amounting to Rs 29.75 crore in the Rs 6,498.20 crore Punjab National Bank (PNB) fraud case by fugitive Nirav Modi, the agency said on Wednesday.

The Mumbai Zonal office of the ED has attached the properties.

ED initiated an investigation in the case based on the First Information Report (FIR) registered by the Central Bureau of Investigation (CBI) under sections of the Indian Penal Code, 1860 and the Prevention of Corruption Act, 1988.

During the investigation, assets of Nirav Modi and his group of companies in India worth Rs 29.75 crore in the form of land and buildings and amounts in bank accounts were identified which are provisionally attached under PMLA 2002.

During the PMLA investigation, the ED had earlier seized movable and immovable assets of Nirav Modi and associates worth around Rs 2,596 crore in India and abroad.

In addition, movable and immovable assets of Nirav Modi and his associates worth Rs 692.90 crore were seized under the provisions of the Fugitive Economic Offenders Act, 2018 by a special court in Mumbai.

In addition, assets worth Rs 1,052.42 crore were successfully returned and physically handed over to the affected banks such as PNB and the consortium banks.

Earlier, the ED had already filed a chargesheet and a supplementary chargesheet under PMLA 2002 against Nirav Modi and associated companies before the Special Court (PMLA) in this case.

At the same time, extradition proceedings against the arrested fugitive Nirav Modi have been initiated and are currently being conducted in London (UK).

Earlier this year, Nirav Modi sought bail in a British court but was denied bail for the seventh time. Nirav Modi appealed against the bail order in the British High Court, which was later withdrawn. He is currently in a British jail. (ANI)