ED eyes Rs 100 crore foreign assets of Nirav Modi for attachment
Widening its probe, the Enforcement Directorate (ED) has zeroed in on foreign assets worth about Rs 100 crore of absconding diamond jeweller Nirav Modi for quick attachment under the anti-money laundering law in connection with the alleged $2 billion PNB fraud case, sources close to the development told CNBC-TV18.
Widening its probe, the Enforcement Directorate (ED) has zeroed in on foreign assets worth about Rs 100 crore of absconding diamond jeweller Nirav Modi for quick attachment in connection with the alleged $2 billion PNB fraud case, sources close to the development told CNBC-TV18.
The sources said that the attachments of assets and properties in Dubai and Hong Kong will be done by next week.
"We have already identified these properties. The information came to us after both the countries responded on the letter rogatory sent by us", said one of the source.
"These are mostly consignments sent by Nirav Modi in these countries and also some properties which has been attached", the source mentioned above added.
The ED till date has attachments of around Rs 4,500 crore combined in the case of Nirav Modi and Mehul Choksi. The agency believes that by the end of next month they will add more properties to the list.
"We have started getting information about the properties and consignments of jewellery in other countries as well. We expect to add attachments worth Rs 500 crore from this attachments", an ED official said.
The ED had moved to court to declare Modi and Choksi fugitive offenders, and court has given both of them time till October 26 to be present in the court, failing which they can be declared as fugitive offenders and their properties and other attachments will be confiscated by the government.
Modi 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.
Both Modi and Choksi are said to have left the country before criminal cases were lodged against them.
Choksi is reported to have recently taken the citizenship of Antigua, a caribbean nation, and India has begun extradition proceedings against him too.
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First Published: Oct 23, 2018 12:08 PM IST
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