PNB scam: ED attaches properties worth Rs 147.72 crore owned by Nirav Modi and his firms
The personnel attached movable and immovable properties located in Mumbai and Surat in Gujarat.
The Enforcement Directorate on Tuesday attached properties worth Rs 147.72 crore owned by fugitive diamond merchant Nirav Modi and his companies, PTI reported. The Enforcement Directorate and the Central Bureau of Investigation are probing Modi and his uncle, businessman Mehul Choksi, in connection with the Rs 13,000-crore Punjab National Bank fraud.
An unidentified official told PTI that the personnel attached movable and immovable properties located in Mumbai and Surat in Gujarat, including eight cars, plants and machinery, consignments of jewellery, paintings and some buildings. The properties were attached under the Prevention of Money Laundering Act.
The agency is investigating Modi’s firms Firestar Diamond International Private Limited, Firestar International Private Limited, Radheshir Jewelry Company Private Limited and Rhythm House Private Limited.
The official said a preliminary inquiry indicated that a significant amount of the allegedly illegal proceeds from Modi-related firms Solar Exports, Stellar Diamonds and Diamond RUS were diverted to him and his relatives.
In January, Modi had claimed that the Punjab National Bank gave a “colour of criminality” to “usual civil banking transactions” to camouflage its failures in connection with the alleged scam.
PNB scam
The fraud came to light in February 2018 when the bank informed the BSE that it had detected “fraudulent and unauthorised transactions” worth Rs 11,380 crore at a branch in South Mumbai. A few officials of the public sector bank had allegedly issued fraudulent Letters of Undertaking to Modi’s companies. Both Modi and Choksi left the country in Janaury, weeks before the scam became public. The bank later raised its estimate of the value of the fraud to over Rs 13,000 crore.
Choksi was granted citizenship in Antigua and Barbuda in November 2017, and is believed to have been residing there since.
The Interpol had issued a notice against Modi and his sister, Purvi Modi, in July and September this year, and against Choksi in December. A similar notice was issued against Mihir R Bhansali, a senior executive at the US branch of Modi’s business, on charges of money laundering.
