ED’s action against Nirav Modi, properties worth 253 crores seized in Hong Kong

ED Action Against Nirav Modi: The Enforcement Directorate (ED) on Friday said it has attached a total of Rs 253.62 crore worth of assets, including gems, jewelery and bank deposits, of companies linked to fugitive diamantaire Nirav Modi.

The central agency said in a statement that all these movable assets were in Hong Kong and were seized as part of a money laundering probe. According to the statement, some assets of the Nirav Modi Group in Hong Kong have been identified as gems and jewelery kept in private ‘vaults’. Along with this, the amount kept in the bank accounts there was also known.

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Property seized under the provisions of PMLA

They have been temporarily confiscated under the provisions of the Prevention of Money Laundering Act (PMLA). Nirav (50) is currently imprisoned in a UK jail. He is the main accused in the $2 billion Punjab National Bank fraud case. The Central Bureau of Investigation (CBI) is investigating the case.

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Nirav Modi is lodged in UK jail

50-year-old Nirav Modi is currently lodged in a UK jail. According to the ED, it had initiated probe in the PNB Bank fraud case of ₹6,498.20 crore by registering an ECIR under the Prevention of Money Laundering Act, 2002 (PMLA).