The Enforcement Directorate (ED) has attached assets worth Rs 29.75 crore in connection with the infamous Rs 6,498.20 crore Punjab National Bank (PNB) fraud case involving fugitive diamantaire Nirav Modi. The ED’s Mumbai Zonal office has seized immovable properties and bank balances tied to Nirav Modi and his associates, marking a significant development in the long-running investigation.
Key Developments in the Nirav Modi Case:
Seizure Details: The assets attached by the ED include land, buildings, and funds held in bank accounts, all provisionally secured under the Prevention of Money Laundering Act (PMLA) 2002.
Broader Confiscations: Earlier, the ED had confiscated movable and immovable assets worth Rs 2,596 crore both in India and abroad, as part of the ongoing probe.
Fugitive Economic Offenders Act: Additionally, assets worth ₹692.90 crore were seized under the Fugitive Economic Offenders Act, 2018, by a special court in Mumbai.
Bank Recovery Efforts: As part of efforts to recover funds lost by victim banks such as PNB, assets amounting to Rs 1,052.42 crore have been successfully returned to PNB and consortium banks. These assets were physically handed over to the respective banks.
Investigative Background:
The investigation began after the Central Bureau of Investigation (CBI) filed a First Information Report (FIR) under sections of the Indian Penal Code and the Prevention of Corruption Act, leading the ED to launch a detailed probe. Since then, the ED has worked tirelessly to track down and secure the assets associated with Nirav Modi’s elaborate financial fraud scheme.
Extradition and Legal Battles:
Nirav Modi, currently lodged in a UK prison, has faced multiple failed attempts to secure bail. His seventh bail plea was denied by a UK court earlier this year, and he later withdrew an appeal filed before the UK High Court. Extradition proceedings are ongoing, as Indian authorities continue to push for his return to face trial.