The Enforcement Directorate has managed to seize Nirav Modi's properties in Dubai. The agency, which is probing the Punjab National Bank scam, has seized and attached Nirav Modi's property worth Rs 56.8 crore in Dubai.
The Enforcement Directorate has managed to seize Nirav Modi's properties in Dubai. The agency, which is probing the Punjab National Bank scam, has seized and attached Nirav Modi's property worth Rs 56.8 crore in Dubai.
According to the sources, the ED had sent LRs(Letters rogatory) to the Dubai authorities after which the properties were attached. LR is a formal request from a court to a foreign court for judicial assistance in a criminal case.
On October 25, the Enforcement Directorate provisionally attached assets worth Rs 225 crore in Hong Kong under the money laundering case registered against Nirav Modi.
According to the agency, the attached valuables were exported vide 26 shipments by Dubai-based companies of Nirav Modi to his Hong Kong-based companies after the Central Bureau of Investigation (CBI) registered cases against him for defrauding the Punjab National Bank to the tune of Rs 13,000 crore along with Mehul Choksi.
"During the investigation, it was found that certain valuables belonging to Nirav Modi's companies are lying in the vaults of a Hong Kong-based logistics company. Further details like the value, consignee, shipper, ownership of these shipments were obtained after the investigations. After we found evidences of ownership and value of the goods, the same were attached," the ED said.
Earlier, the ED, which is probing the Punjab National Bank scam, had seized and attached foreign assets of Nirav Modi. The seized assets were worth Rs 637 crore and included diamond jewellery worth Rs 22 crore in Hong Kong, two apartments in the US worth Rs 216 crore, an apartment in London worth Rs 58 crore, six bank accounts that had Rs 322 crore.
The Enforcement Directorate had registered a money-laundering case against Nirav Modi and others on February 15, 2018, under the Prevention of Money Laundering Act, 2002 on the basis of an FIR registered by the CBI.
Nirav Modi, along with his associates, has been accused of cheating Punjab National Bank in connivance with certain bank officials by fraudulently getting letters of understanding without following the prescribed procedure and causing a wrongful loss to the bank.
With the latest attachments, the value of total attachments in the scam has gone up to Rs 4,800 crore.
Nirav Modi was last located in London and an Indian extradition request is pending before the UK authorities since September.
According to the sources, the ED had sent LRs(Letters rogatory) to the Dubai authorities after which the properties were attached. LR is a formal request from a court to a foreign court for judicial assistance in a criminal case.
On October 25, the Enforcement Directorate provisionally attached assets worth Rs 225 crore in Hong Kong under the money laundering case registered against Nirav Modi.
According to the agency, the attached valuables were exported vide 26 shipments by Dubai-based companies of Nirav Modi to his Hong Kong-based companies after the Central Bureau of Investigation (CBI) registered cases against him for defrauding the Punjab National Bank to the tune of Rs 13,000 crore along with Mehul Choksi.
"During the investigation, it was found that certain valuables belonging to Nirav Modi's companies are lying in the vaults of a Hong Kong-based logistics company. Further details like the value, consignee, shipper, ownership of these shipments were obtained after the investigations. After we found evidences of ownership and value of the goods, the same were attached," the ED said.
Earlier, the ED, which is probing the Punjab National Bank scam, had seized and attached foreign assets of Nirav Modi. The seized assets were worth Rs 637 crore and included diamond jewellery worth Rs 22 crore in Hong Kong, two apartments in the US worth Rs 216 crore, an apartment in London worth Rs 58 crore, six bank accounts that had Rs 322 crore.
The Enforcement Directorate had registered a money-laundering case against Nirav Modi and others on February 15, 2018, under the Prevention of Money Laundering Act, 2002 on the basis of an FIR registered by the CBI.
Nirav Modi, along with his associates, has been accused of cheating Punjab National Bank in connivance with certain bank officials by fraudulently getting letters of understanding without following the prescribed procedure and causing a wrongful loss to the bank.
With the latest attachments, the value of total attachments in the scam has gone up to Rs 4,800 crore.
Nirav Modi was last located in London and an Indian extradition request is pending before the UK authorities since September.