The Enforcement Directorate (ED) has provisionally attached ‘proceeds of crime’ in the form of movable properties like gems, jewelleries and bank balances amounting to the tune of $30.98 million and HKD 5.75 million, equivalent to Rs 253.62 crore (as on date) in the case of Nirav Modi group of companies in Hong Kong.
Besides attachment of his assets worth over Rs 2,650 crore, the extradition proceedings against fugitive Nirav Modi is at final stage in London, UK, the agency said.
“During the money laundering probe, some assets of Nirav Modi group of companies in Hong Kong were identified in the form of gems and jewelleries 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 PMLA,” the ED said in a statement.
Earlier, the ED had 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/ seizure of assets of Rs. 2,650.07 crore has been effected in the case against Nirav Modi by ED. Further, movable and immovable assets of Nirav Modi and his associates worth Rs 1,389 crore have been confiscated under provisions of Fugitive Economic Offenders Act, 2018 by Special Court (FEOA), Mumbai.
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.Earlier in this case, two Prosecution Complaints (chargesheets) under PMLA have already been filed by the ED against Nirav Modi and associated entities before Special Court (PMLA).
On the basis of a CBI under Indian Penal Code (IPC) Sections relating to cheating, forgery and criminal conspiracy besides relevant provisions of the Prevention of Corruption Act, the ED had initiated investigation by recording a case under Prevention of Money Laundering Act (PMLA) in connection with PNB Bank fraud of Rs 6,498.20 crore.