NEW DELHI: The Enforcement Directorate (ED) on Tuesday said it attached properties worth Rs 147 crore belonging to absconding diamantaire Nirav Modi and his associate companies in connection with its ongoing probe into the Punjab National Bank (PNB) scam.
“The ED has provisionally attached movable and immovable properties located in Mumbai and Surat, having market value of Rs 147.72 crore consisting of eight cars, plant and machinery, consignments of jewellery, paintings and immovable property, owned by Nirav Modi and his group companies, namely Firestar Diamond International Private Limited, Firestar International Private Limited, Radheshir Jewelry Company Private Limited and Rhythm House Private Limited,” the agency said in a statement said, adding that action was taken under relevant sections of the Prevention of Money Laundering Act.
Investigation revealed that substantial proceeds of crime obtained fraudulently by the Nirav Modi-owned group of firms Solar Exports, Stellar Diamonds, Diamond RUS from PNB were diverted to the absconding diamantaire, his relatives and entities controlled by him, the ED said. The ED has already attached properties in India and abroad to the tune of Rs 1,725.36 crore.
Other than the ED, the CBI is also investigating the role of Modi and his uncle Mehul Choksi. The ED filed money laundering cases against them and others on February 15 on the basis of an FIR registered by the CBI.
The fraud came to light in February 2018 when the bank informed the BSE that it had detected “fraudulent and unauthorised transactions” worth Rs 11,380 crore at a branch in South Mumbai. It is alleged that Nirav Modi and others have committed the offence of cheating against Punjab National Bank in connivance with certain bank officials by fraudulently getting the Letter of Understanding’s (LOUs) issued without following prescribed procedure and caused a wrongful loss to the bank.