PNB: ED provisionally attaches Modi’s property worth Rs 170 crore

In a major move the Enforcement Directorate has provisionally attached assets worth nearly Rs 170 crore belonging to Nirav Modi in connection with the PNB fraud case. The action was taken under the provisions of the Prevention of Money Laundering Act. This action would now have to be confirmed by the adjudicating authority.

The ED has also attached 109 bank accounts and the money is said to be to the tune of Rs 58 crore. The properties attached including the ones which are owned by Modi's firm Firestar International Pvt Ltd. The agency has also attached HCL House in Mumbai which is valued at Rs 63 crore.

The agency also attached investments of Rs 35 crore by Modi, his firm Camelot Trading Pvt Ltd and ANM enterprises Pvt Ltd in shares of listed companies such as Sun Pharma, Ambuja Cements, PNB Housing Finance, Power Grid Corporation of India, Reliance Industries, Jyothy Laboratories, IRB Infrastructure Developers, Torrent Pharmaceuticals and a few mutual funds.

This comes only a few days after the Central Bureau of Investigation began preparing a red corner notice against Modi and his uncle Mehul Choksi. The CBI says that it would make the extradition process easier. Moreover an RCN would pin them down to one country and they would not be able to travel freely.