PNB loan fraud: ED attaches Nirav Modi's 11 properties in Dubai to case
New Delhi, Nov 6: In connection with the probe into Nirav Modi's loan default case, the Enforcement Directorate (ED) has attached 11 properties in Dubai linked to fugitive jeweller and his group Company Firestar Diamond FZE. The net value of the attached properties is said to be worth Rs 56.8 Crore, said reports.
These attachments have been made under the Prevention of Money Laundering Act (PMLA).
In October, the Enforcement Directorate (ED) had attached assets worth approximately Rs. 250 crore in connection with fugitives Mehul Choksi and Nirav Modi's case.
The Enforcement Directorate (ED) had on October 1 attached properties and bank accounts to the tune of Rs 637 crore in Nirav Modi case. The seizure includes jewellery/bank accounts/immovable properties in India as well as four foreign jurisdictions under section 5 of Prevention of Money Laundering Act. The is one of the rare cases where the investigation agency has seized the properties abroad.
Nirav Modi, his uncle Mehul Choksi and others are being probed under various criminal laws after the fraud came to light this year following a complaint by the Punjab National Bank (PNB) that they allegedly cheated the nationalised bank to the tune of over Rs 13,000 crore, with the purported involvement of a few employees of the bank.