Mumbai: The Enforcement Directorate (ED) in Mumbai has provisionally attached proceeds of crime, including immovable properties and bank balances, amounting to Rs 29.75 crore in connection with the Rs 6,498.20 crore Punjab National Bank (PNB) fraud case allegedly committed by fugitive diamantaire Nirav Modi. Extradition proceedings against the arrested fugitive Modi are currently underway in London, UK.
During the investigation, the anti-money laundering agency identified assets worth Rs 29.75 crore belonging to Nirav Modi and his group of companies in India. These assets, including land, buildings, and bank funds, have been provisionally attached under the Prevention of Money Laundering Act (PMLA), 2002, the agency stated on Wednesday.
Earlier, the central agency had attached movable and immovable assets belonging to Nirav Modi and his associates, valued at approximately Rs 2,596 crore, both in India and abroad.
The investigation stems from a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI) in connection with one of the largest banking frauds in India, allegedly orchestrated by Nirav Modi and his group of companies. Modi is accused of defrauding PNB by obtaining fraudulent Letters of Undertaking (LoUs), causing a massive financial loss to the bank.
Movable and immovable assets of Nirav Modi and his associates amounting to Rs. 692.90 Crore, have been confiscated under provisions of Fugitive Economic Offenders Act, 2018 by Special Court (FEOA), Mumbai, the ED said.
Additionally assets to the tune of Rs 1052.42 Crore have been successfully restored to the victim banks i.e. PNB and consortium banks and such assets were physically handed over, the ED said
The ED has already filed a Prosecution Complaint and Supplementary Prosecution Complaint under PMLA against Nirav Modi and associated entities. Meanwhile, extradition proceedings against Nirav Modi continue in London.
Earlier this year, Nirav Modi applied for bail in UK Court and his bail was denied for the seventh time, by the UK Court.
An appeal was filed by Nirav Modi before UK High Court against the bail order, which was later withdrawn. Currently, he is lodged in UK Jail.