NEW DELHI: Tightening its noose around fugitive diamantaire Nirav Modi, the Enforcement Directorate (ED) on Friday said that it has attached properties to the tune of Rs 253 crores of the businessman in Hong Kong SAR, China
The financial probe agency in a statement said the agency has attached proceeds of crime in the form of movable properties i.e. gems and jewellery and bank balances amounting to USD 30.98 million and HKD 5.75 million, equivalent to INR value of Rs 253.62 crores (as of today) in the case of Nirav Modi group of companies in Hong Kong, SAR, China.
The ED said that the agency had registered a case of money laundering against Modi on the basis of the Central Bureau of Investigation (CBI) FIR in the Punjab National Bank fraud case to the tune of Rs 6,498.2 crores.
The ED said that the agency during its money laundering probe under the Prevention of Money Laundering Act (PMLA), some assets of the Modi group of companies in Hong Kong were identified in the form of gems and jewellery lying in private vaults and bank balances in accounts maintained at Hong Kong, which is provisionally attached vide instant attachment order of Rs 253.62 crores.
It said that during investigations, previously ED has attached movable and immovable assets of Modi and associates to the tune of Rs 2396.45 crores in India and abroad.
“With the present attachment, total attachment of assets of Rs 2,650.07 crores has been effected in the case against Modi by ED,” the ED said.
It said that movable and immovable assets of Modi and his associates amounting to Rs 1,389 crores have been confiscated under provisions of the Fugitive Economic Offenders Act, 2018 by Special Court (FEOA), Mumbai.
The process of physical handing over of confiscated assets is in progress and part of the confiscated assets has already been physically handed over to victim banks.
The ED has earlier filed two charge sheets against Modi and associated entities before Special Court (PMLA).
Modi was arrested in United Kingdom’s London in March 2019. He is currently lodged in Wandsworth Prison in southwest London. He is facing extradition proceedings, which are in the final stage in London, UK.