In a major development in the Punjab National Bank (PNB) scam, the Enforcement Directorate (ED) on Monday attached Rs 637 crore assets of diamantaire Nirav Modi, a key accused in the multi-billion fraud case.
The billion-dollar assets include two immovable properties having a total value of USD 29.99 million and 5 overseas bank accounts belonging to the fugitive businessman and his family in India, UK and three other countries. It is a very incident where an Indian agency has attached assets abroad in a criminal probe.
"Enforcement Directorate attaches properties and bank accounts to the tune of Rs 637 crore in Nirav Modi case," the news agency ANI reported.
Enforcement Directorate attaches attaches properties and bank accounts to the tune of Rs 637 crore in Nirav Modi case. pic.twitter.com/Gsz6MFWq4O— ANI (@ANI) October 1, 2018
The action came after the central probe agency issued five separate orders against Nirav Modi under the Prevention of Money Laundering Act (PMLA).
According to an ED official, they also issued an Interpol Red Corner notice (global arrest warrant) against Aditya Nanavati, an accused in the USD 2 billion alleged fraud in the PNB.
Nirav Modi and his uncle Mehul Choksi are the main accused in the case where it is alleged that the two businessmen allegedly duped and defrauded the Brady House branch of the Punjab National Bank, Mumbai in purported connivance with bank officials.