New Delhi: Nirav Modi‘s assets worth Rs 637 crore from various locations, including the UK and New York, were seized by the Enforcement Directorate (ED) on Monday. The seizure includes jewellery/bank accounts/immovable properties in India as well as four foreign juridictions 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.
The seizure includes diamond studded jewellery worth 22.69 crores, which was kept in the vault of a private company in Hong Kong on behalf of Nirav Modi, has been brought back to India from Hong Kong in 23 shipments. During investigation, it was found that a stock of jewellery had been shipped abroad from India after registration of FIR by CBI. The assets have been attached as part of five separate orders issued by the central probe agency under the PMLA, the statement said.
“ED contacted the subject company and it’s London Headquarter and after much persuasion, follow up and necessary documentation, the ED successfully brought the jewellery back to India. The stock value of this jewellery was declared around 85 Crores and this jewellery was sent to Hong Kong by Firestar Group of Companies to Hong Kong. On independent valuation, the value of the jewellery comes out to 22.69 Crores and the jewellery has been seized,” it said.
Apart from diamond-studded jewellery, the ED has also seized a flat in south Mumbai worth 19.5 Crore which was purchased by Purvi Modi in the year 2017, an account belonging to an investment company…having balance of USD 6.12 Million (Rs 44 Crores approx.), two immovable properties worth USD 29.99 Million (Rs 216 Crores Approx) has also been attached. Apart from this, five bank accounts having a balance of total INR 278 crores are also attached.
The accounts, the ED said, belongs to Nirav Modi, Purvi Modi, their companies. After investogation, it was found that most of the money was traferred to these accounts after the Punjab National Bank (PNB) scam was unearthed.
The agency, a senior official said, also got issued an Interpol Red Corner notice (global arrest warrant) against Aditya Nanavati, an accused in the same case, on charges of money laundering.
Nirav Modi and his uncle Mehul Choksi are the main accused in the case where it is alleged that the two diamond jewellery businessmen allegedly duped and defrauded the Brady House branch of the Punjab National Bank in Mumbai for an amount of USD 2 billion (about 13,000 crore) in purported connivance with bank officials.