PNB fraud case: Setback for Nirav Modi; ED attaches assets of fugitive diamantaire, total recovery of Rs 4,300 cr

ED has attached properties and bank accounts of absconding businessman Nirav Modi and his family members in connection with the infamous PNB fraud scam.

ED has attached properties of Nirav Modi and his family members worth 637 crore in India and four other countries. (Image: Nirav Modi Jewels/ Facebook)

PNB fraud case: The Enforcement Directorate on Monday attached properties and bank accounts of absconding businessman Nirav Modi and his family members in connection with the infamous Rs 14,600 crore Punjab National Bank (PNB) fraud scam. ED has attached properties of Nirav Modi and his family members worth 637 crore in India and four other countries. “Two immovable properties having total value of USD 29.99 Million (Rs 216 Crores Approx) and beneficially owned by Nirav Modi in New York, have also been attached by Enforcement Directorate under section 5 of Prevention of Money laundering Act,” news agency ANI reported. The report also stated that 5 foreign bank accounts belonging to Nirav Modi which have combined balance of Rs 278 crore were also attached by ED. Apart from that diamond studded jewellery worth Rs 22.69 crore has been brought back to India along with a flat in South Mumbai worth Rs 19.5 crore was also attached. In September, shareholders of PNB cleared a proposal for selling 10 crore equity shares to the employees of the bank and Rs 2,816-crore capital infusion by the government. Both Nirav Modi and his uncle Mehul Choksi are accused of duping a Mumbai branch of PNB for an amount of over $2 billion.

Enforcement Directorate attaches attaches properties and bank accounts to the tune of Rs 637 crore in Nirav Modi case. pic.twitter.com/Gsz6MFWq4O

— ANI (@ANI) October 1, 2018

Last month, senior Bharatiya Janata Party (BJP) leader Subramanian Swamy had blamed Secretary of Finance and Revenue, Hasmukh Adhia helped the fugitive celebrity jewellery designer his uncle Mehul Choksi flee India. Swamy wrote a letter to Finance Minister Arun Jaitley to start investigation against Adhia and also claimed that he is still in touch with Nirav Modi. In his letter, Swamy has urged Jaitley to prosecute Adhia under Section 197 of CrPC and Section 19 Prevention of Corruption Act. “I wrote to Union Finance Minister Arun Jaitley today, seeking sanctions to prosecute Hasmukh Adhia. He has been involved in not only many corrupt activities listed in the letter, but also in protecting corrupt people like P. Chidambaram and Sonia Gandhi. He has transferred all officers who have taken action against them, against these people in the National Herald, Income Tax matters. He has transferred a young Revenue Service Officer who was doing very good work,” Swamy told ANI during an interview.