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ED seizes Nirav Modi's assets worth Rs 330 cr

ED seizes Nirav Modi's assets worth Rs 330 cr

| @indiablooms | 08 Jul 2020, 02:38 pm

New Delhi/IBNS: Fugitive economic offender Nirav Modi's real estate properties in Mumbai, London and UAE worth Rs 330 crore have been confiscated by the Enforcement Directorate (ED), media reports said.

The ED made the seizures under the Fugitive Economic Offenders Act. This is the second confiscation by the probe agency. Earlier, it had seized Nirav Modi's  properties worth Rs 2,348 crore.

According to an NDTV report, the properties confiscated now include flats at Samudra Mahal in Mumbai's Worli, a sea side farm house in Alibaug, a windmill in Jaisalmer, a flat in London and flats in UAE.

Process of confiscating the remaining assets of the fraud accused jeweller is underway.

The enforcement directorate began confiscating the assets of Nirav Modi after a special court in Mumbai authorised the agency on June 8.

The same court had declared Nirav Modi a fugitive economic offender on December 5 last year.

Last month, the ED imported around 108 packages of gems and jewellery, including polished diamonds, pearls, pearl and silver jewellery belonging to firms controlled by Nirav Modi and his uncle Mehul Choksi in Hong Kong.

The entire shipment weighed 2,340 kg and valued at Rs 1,350, the agency said, the report added.

Nirav Modi and his uncle Mehul Choksi are accused in a scam involving fake guarantees in the name of Punjab National Bank (PNB) to secure overseas loans.

Both fled India in 2018 before the Central Bureau of Investigations (CBI) could start its probe.

While Nirav Modi was arrested in London last year and is fighting extradition to India from jail, his uncle Mehul Choksi is now a citizen of Antigua and has cited poor health conditions for not returning to India.

The Enforcement Directorate is probing both the businessmen under the Prevention of Money Laundering Act.

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