Fugitive diamond jeweller Nirav Modi’s 11 properties worth more than Rs 56 crore in Dubai were seized by the Enforcement Directorate (ED) in connection with its money-laundering probe in the $2-billion Punjab National Bank (PNB) fraud case.
The seized assets were in the name of "Modi and his group company M/s Firestar Diamond FZE and they bear a market value of $7.79 million, which is equivalent to Rs 56.8 crore," said the ED. The ED has issued a provisional order for attachment of these assets under the Prevention of Money Laundering Act (PMLA).
In September, the ED attached Rs 637 crore assets of Modi, a key accused in the multi-billion fraud case. The billion-dollar assets include two immovable properties having a total value of $29.99 million and 5 overseas bank accounts belonging to the fugitive businessman and his family in India, UK and three other countries.
The agency has attached assets worth over Rs 700 crore of Modi and his family in the country till now. It has also filed a chargesheet against the fugitive diamond jeweller, alleging that he laundered and diverted over Rs 6,400 crore of bank funds to dummy companies abroad, which were under his and his family's control.
Nirav Modi along with his wife Ami Modi, a US citizen, brother Nishal Modi, a Belgian citizen, and uncle Mehul Choksi, all accused in the CBI FIRs in the case, had left the country in the first week of January, weeks before country’s biggest banking scam surfaced.
(With PTI inputs)