ED attaches Nirav Modi’s Rs.637 crore assets in five countries

Guwahati , October 1, 2018:

The Enforcement Directorate (ED) has attached assets amounting to Rs.637 crore belonging to absconding fugitive jeweler Nirav Modi on Monday.

According to reports, the ED has attached the property in India and four other countries. He owns flats, jewellery, bank balances and other property in various locations of India, the United Kingdom, the USA and other countries. The seizure is among a very few cases where an Indian investigating agency zeroed in on the property of an individual or individuals in foreign countries.

The assets of Modi were seized under the Prevention of Money Laundering Act.

It may be mentioned that Modi is the prime accused in the alleged Punjab National Bank’s two billion dollar fraud. His uncle Mehul Choksi is also an accused in the case.