May 19, 2024


Make Every Business

ED confiscates over Rs 329-cr assets of Nirav Modi under fugitive law

The Enforcement Directorate (ED) on Wednesday reported it has confiscated property worthy of Rs 329.sixty six crore of diamond service provider Nirav Modi beneath the fugitive economic offenders regulation.

The businessman and his uncle Mehul Choksi among the others are becoming probed by the ED on money laundering prices in link with an in excess of $2 billion alleged lender fraud at a PNB department in Mumbai.

“The confiscated homes are in the kind of four flats at the iconic constructing Samudra Mahal in Worli Mumbai, a sea-aspect farm house and land in Alibaug, a wind mill in Jaisalmer, a flat in London and residential flats in UAE, shares and lender deposits,” the central probe agency reported in a assertion.

A special court in Mumbai experienced on June 8 authorised the ED to confiscate the property.

Nirav Modi was declared a fugitive economic offenders by the exact same court on December five last 12 months.

“The ED has hooked up the homes worthy of Rs. 329.sixty six crore beneath the FEO Act, 2018 which now stands confiscated to central governing administration,” it reported.

The agency until now has hooked up property worthy of Rs 2,348 crore of Nirav Modi beneath the Avoidance of Income Laundering Act (PMLA).

Nirav Modi (forty nine) is at this time lodged in a United kingdom jail right after becoming arrested in London in March, 2019 and is at this time preventing extradition to India.