NEW DELHI: The Enforcement Directorate (ED) has attached movable properties worth Rs 253.62 crore of fugitive diamantaire Nirav Modi's group of companies in Hong Kong.
The attached assets included gems and jewellery and bank balances amounting to USD 30.98 million and HKD 5.75 million, equivalent to Rs 253.62 crore (as of Friday), an ED statement said.
On the basis of FIR under Section 420, 467, 471 and 120-B of the Indian Penal Code, 1860 and Section 13 of Prevention of Corruption Act, 1988 registered by the Central Bureau of Investigation (CBI), ED had initiated an investigation by recording Enforcement Case Information Report (ECIR) under Prevention of Money Laundering Act, 2002 (PMLA) in the case of Punjab National Bank (PNB) fraud of Rs 6,498.20 crore.
During the course of PMLA investigation, some assets of Nirav Modi group of companies in Hong Kong were identified in the form of gems and jewellery lying in private vaults and bank balances in accounts maintained at Hong Kong, which is provisionally attached vide instant attachment order of Rs 253.62 crore under Section 5 of PMLA, 2002, said the ED.
During investigations, previously ED has attached movable and immovable assets of Nirav Modi and associates to the tune of Rs 2,396.45 crore in India and abroad.
With the present attachment, total attachment or seizure of assets of Rs 2,650.07 crore has been effected in the case against Nirav Modi by the ED.
Furthermore, movable and immovable assets of Nirav Modi and his associates amounting to Rs 1,389 crore have been confiscated under provisions of the Fugitive Economic Offenders Act, 2018 by the Special Court (FEOA), Mumbai.
The process of physical handing over of confiscated assets is in progress and part of the confiscated assets has already been physically handed over to victim banks, said the ED.
Earlier in this case, two Prosecution Complaints under PMLA, 2002 have already been filed by the ED against Nirav Modi and associated entities before Special Court (PMLA). Simultaneously, the extradition proceedings against fugitive Nirav Modi are at the final stage in London, UK.